Technical Analysis & Forecast 06.02.2024

EURUSD, “Euro vs US Dollar”

EURUSD has completed a decline wave to 1.0722. Today the pair could correct to 1.0753. Once this correction is over, a new decline wave to 1.0720 might start. And if this level also breaks, the potential for a wave to 1.0696 could open. This is a local target.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD has completed a decline wave to 1.2518. Today it could correct to 1.2574. Once the correction is over, a new decline wave to 1.2470 could start. This is a local target.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY has completed a growth wave to 148.89. Today the market is forming a consolidation range under this level. A downward escape could open the potential for a correction to 147.77. With an upward escape, the potential for a rise to 149.47 could open.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF has completed a growth wave to 0.8717. Today the market is forming a consolidation range under this level. A downward escape for a correction to 0.8666 is not excluded. With an upward escape, the potential for a growth wave to 0.8737 could open, from where the trend might extend to 0.8787.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD has completed a decline wave to 0.6468. A correction link to 0.6540 is not excluded. Once the correction is over, the decline wave might extend to 0.6470, from where the trend could continue to 0.6394.

BRENT

Brent continues developing a consolidation range around 77.22. With an escape upwards, the growth wave could continue to 80.90. This is the first target. Next, a decline to 79.00 and a rise to 83.15 might follow, from where the trend could continue to 85.90.

XAUUSD, “Gold vs US Dollar”

Gold has completed a decline wave to 2015.00, and a correction to 2042.20 could form today. Once the correction is over, a new decline wave to 2025.00 is expected to begin. Practically, a consolidation range might form around 2025.00. With an upward escape, the potential for a growth wave to 2067.11 could open. With an escape downwards, the decline wave to 2002.00 might follow. This is a local target.

S&P 500

The stock index is forming a consolidation range around 4936.2. With an escape downwards, the wave might develop to 4897.0. This is the first target. Once this level is reached, the quotes could correct to 4936.0 (a test from below). Next, a decline to 4842.2 looks possible. This is a local target.