Technical Analysis & Forecast 22.03.2024
EURUSD, “Euro vs US Dollar”
The EURUSD pair dropped to 1.0888. By now, a narrow consolidation range has formed around this level. Escaping the range downwards today, the local target of the decline wave at 1.0830 was reached. A narrow consolidation range is expected to form around this level. With an upward breakout of the range, a growth link towards 1.0888 (testing from below) is not excluded. With a downward escape, the potential for a decline wave towards 1.0818 might open. This is the local target of the downtrend.
GBPUSD, “Great Britain Pound vs US Dollar”
The GBPUSD pair failed to secure above 1.2742. The market broke this level and continues developing the decline wave towards 1.2614, from which level the trend might extend to 1.2595. This is the first target of the downtrend.
USDJPY, “US Dollar vs Japanese Yen”
The USDJPY pair has completed a growth wave structure towards 151.44. Currently the market is forming a consolidation range around this level. With an upward escape from the range, the quotes might rise to 151.96, followed by a decline to 151.44 (testing from above). Next, a rise to 152.58 could follow. This is the first target. With a breakout of the range downwards, a correction link towards 150.85 is not excluded. Once this correction is over, a growth wave towards 152.58 could start.
USDCHF, “US Dollar vs Swiss Franc”
The USDCHF pair has formed a growth wave towards 0.8954. A consolidation range is expected to form today under this level. With a downward escape from the range, a correction link towards 0.8945 is not excluded. Breaking the range upwards, the quotes might extend the trend to 0.9015. This is the first target of the growth wave.
AUDUSD, “Australian Dollar vs US Dollar”
The AUDUSD pair completed a decline wave towards 0.6572. By now a consolidation range has formed under this level. With a downward escape from the range, the market continues developing the decline wave towards 0.6514. With a breakout of this level as well, the potential for a decline by the trend towards 0.6470 could open. This is the first target of the decline wave by the downtrend.
BRENT
Brent has completed a correction wave towards 85.58. Today the market continues forming a consolidation range around this level. Further correction to 84.20 is not excluded. Next, a growth wave towards 87.40 might start, from which level the trend could extend to 88.20. This is a local target.
XAUUSD, “Gold vs US Dollar”
Gold has completed a decline wave towards 2166.40. A growth link to 2188.88 (testing from below) is not excluded today. Next, a decline towards 2155.25 might form. This is the first target.
S&P 500
The stock index has formed a growth wave towards 5267.5. Today the market is forming a consolidation range under this level. The quotes could break it downwards and start a decline wave to 5185.5. Once this level is reached, a correction to 5225.0 is not excluded.
