Technical Analysis & Forecast 13.02.2024

EURUSD, “Euro vs US Dollar”

The EURUSD pair has formed a decline wave to 1.0755. Currently, the market is forming a narrow consolidation range around 1.0765. An escape from the range downwards to 1.0744 is expected today. And if this level also breaks downwards, the potential for a wave to 1.0725 might open, from where the trend could continue to 1.0666. This is the first target.

GBPUSD, “Great Britain Pound vs US Dollar”

The GBPUSD pair continues developing a consolidation range around 1.2598. With an escape from the range downwards, a structure of a decline wave to 1.2555 is expected to form. And with a breakout of this level as well, the potential for a decline wave to 1.2464 might open. This is a local target.

USDJPY, “US Dollar vs Japanese Yen”

The USDJPY pair is forming a consolidation range around 149.34. An escape from the range upwards to 149.76 is not excluded today. Next, a decline wave to 148.70 might begin, from where the trend could continue to 147.67.

USDCHF, “US Dollar vs Swiss Franc”

The USDCHF pair continues forming a consolidation range around 0.8755. An escape from the range upwards to 0.8792 could follow today. Once this level is reached, a correction wave to 0.8694 is expected to form.

AUDUSD, “Australian Dollar vs US Dollar”

The AUDUSD pair continues forming a consolidation range around 0.6520. An escape downwards to 0.6500 is expected today. Next, a correction to 0.6520 might form, followed by a decline to 0.6450, from where the wave could extend to 0.6400. This is the first target in a decline structure by the downtrend.

BRENT

Brent continues forming a consolidation range under 82.33. With an escape from the range downwards, a correction link to 79.10 is not excluded. With an upward escape, the potential for a growth wave to 83.63 might open. This is a local target. Once this level is reached, a correction to 81.30 could form, followed by a rise to 85.90. This is the first target.

XAUUSD, “Gold vs US Dollar”

Gold has completed a decline wave to 2011.90. By now, the market has completed a technical return to 2021.66 (a test from below). The wave could extend to 2006.06. This is a local target. Once this level is reached, a correction link is not excluded. And after the correction a decline wave to 1998.50 is expected.

S&P 500

The stock index has completed a growth wave to 5050.0. A decline impulse to 5017.0 has formed today. Currently, a consolidation range is forming around this level. The impulse is expected to continue to 4993.0. This is the first target. Next, a correction link to 5017.0 is expected (a test from below). After that a decline wave to 4950.0 could start, from where the trend might continue to 4918.0.