Technical Analysis & Forecast 24.04.2024

EURUSD, “Euro vs US Dollar”

The EURUSD pair escaped the consolidation range upwards and completed a growth link at 1.0710. Today it might drop to 1.0666 (testing from above). Next, a new correction link towards 1.0733 could follow. Once this correction is over, a new decline wave targeting 1.0585 might begin. This is a local target.

GBPUSD, “Great Britain Pound vs US Dollar”

The GBPUSD pair formed a consolidation range around 1.2399, breached its upper boundary and completed a growth link at 1.2463. A decline towards 1.2390 might follow today (testing from above). Next, a new correction structure to 1.2499 could form, and once it is over, a new decline wave targeting 1.2280 might start. This is a local target.

USDJPY, “US Dollar vs Japanese Yen”

The USDJPY pair is forming a consolidation range around 154.60 without any obvious trend. Today the market hovers at the upper boundary of this range. In case the quotes break the 154.82 level, the potential for a rise towards 155.00 might open, from which level the trend could extend to 155.30. And once this level is reached, a new decline wave targeting 153.66 could begin. This is the first target.

USDCHF, “US Dollar vs Swiss Franc”

The USDCHF pair continues developing a consolidation range around 0.9100. A decline link targeting 0.9080 is not excluded today. Next, this range might be breached by the quotes targeting 0.9170, from which level the trend could continue towards 0.9195. This is the first target of the growth wave.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD escaped a consolidation range upwards and completed a correction towards 0.6525. A new consolidation range might form under this level today. With a downward escape from the range, a decline to 0.6480 is expected. And if this level is also breached, the potential for a wave towards 0.6440 could open.

BRENT

Brent received support at 85.20 and formed a growth wave structure targeting 87.40. Practically, a new consolidation range has formed. Today it might be breached at 89.20. Once this level is reached, a correction link towards 87.22 is not excluded (testing from above). Next, a rise to 89.30 is expected. This is the first target.

XAUUSD, “Gold vs US Dollar”

Gold continues forming a consolidation range around 2315.00. A growth link targeting 2337.37 is not excluded today (testing from below). Next, a new decline wave towards 2275.00 is expected. This is a local target.

S&P 500

The stock index formed a consolidation range around 5006.0 and breached it upwards, potentially forming a correction link. A growth link to 5087.7 has formed today. A new consolidation range is expected to form under this level. With a downward escape from the range, the potential for a wave targeting 4900.0 could open. With an upward escape, a correction link to 5126.6 is not excluded, from where the trend might continue to 4811.0. This is the first target.