Technical Analysis & Forecast 29.02.2024

EURUSD, “Euro vs US Dollar”

The EURUSD pair has corrected to 1.0845. Today the market is forming a consolidation range around 1.0836. With an escape from the range upwards, the correction might extend to 1.0853. With a downward escape, the potential for a decline to 1.0800 could open. And if this level also breaks, the trend could continue to 1.0733. This is a local target.

GBPUSD, “Great Britain Pound vs US Dollar”

The GBPUSD currency pair continues developing a correction to 1.2679. Practically, a wide consolidation range is forming around 1.2650. With an escape from the range upwards, the correction could extend to 1.2700. With a downward escape, the potential for a wave to 1.2600 might open, from where the trend could continue to 1.2650. This is a local target.

USDJPY, “US Dollar vs Japanese Yen”

The USDJPY pair completed a decline wave to 150.10. Today the market has broken this level downwards as well. The decline wave is expected to continue to 149.37. Once this level is reached, a new growth wave to 150.15 might start.

USDCHF, “US Dollar vs Swiss Franc”

The USDCHF pair continues developing a correction to 0.8777. Once the correction is over, a growth wave to 0.8823 could start. And if this level also breaks, the trend could extend to 0.8865. This is a local target.

AUDUSD, “Australian Dollar vs US Dollar”

The AUDUSD currency pair has completed a decline wave to 0.6490. Today the market is forming a correction to 0.6535 (testing from below). Once the correction is over, the trend could continue to 0.6480.

BRENT

Brent formed a growth wave structure to 83.00. A technical return to 81.92 (testing from above) has been completed today. A growth wave to 83.00 is expected to begin. With a breakout of this level upwards as well, the potential for a growth wave to 84.50 could open, from where the trend might extend to 85.85. This is a local target.

XAUUSD, “Gold vs US Dollar”

Gold continues forming a wide consolidation range around 2026.34 without any expressed trend. Today the range could expand upwards to 2040.00. Next, a new decline wave to 2011.11 is expected to start. This is the first target.

S&P 500

The stock index continues developing a consolidation range around 5078.0 without any expressed trend. A decline to 5045.0 is expected today. Once this level is reached, a growth link to 5143.0 is not excluded. Next, a decline to 4921.0 could start. This is the first target.