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Technical Analysis & Forecast 01.02.2024

EURUSD, “Euro vs US Dollar”

The EURUSD pair has completed a correction wave to 1.0886. The news provoked a decline impulse to the 1.0816 level and a correction to 1.0860. Today the market has performed a structure of a decline wave to 1.0794. Next, a correction link to 1.0828 is expected. Once the correction is over, the decline wave might extend to 1.0770. This is a local target.

Technical Analysis & Forecast 01.02.2024 EURUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD has completed a corrective wave to 1.2748. A decline wave to 1.2646 might form today. This is the first target. Once this level is reached, a correction to 1.2698 might follow. Next, a decline to 1.2592 is expected. This is a local target.

Technical Analysis & Forecast 01.02.2024 GBPUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

USDJPY, “US Dollar vs Japanese Yen”

The USDJPY pair continues developing a consolidation range around 146.93. By now, the range has extended to 146.00. Once the price reached this level, a technical return to 147.00 happened (a test from below). A new decline wave to 145.15 might develop today.

Technical Analysis & Forecast 01.02.2024 USDJPY
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

USDCHF, “US Dollar vs Swiss Franc”

The USDCHF pair has corrected to 0.8555. Today the market is forming a growth wave to 0.8634. Once this level is reached, a consolidation range could form around this level. With an escape upwards, a growth wave could develop towards 0.8686, from where the trend might extend to 0.8720. This is the first target.

Technical Analysis & Forecast 01.02.2024 USDCHF
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD has completed a decline wave to 1.6562. A consolidation range is now forming above this level. With an escape from this range downwards, the decline wave could extend to 0.6504. This is a local target. Once this level is reached, a correction link to 0.6560 is not excluded, followed by a decline to 0.6500.

Technical Analysis & Forecast 01.02.2024 AUDUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

BRENT

Brent has performed a correction link to 80.70. Currently, the market is forming a consolidation range above this level. With an escape from the range upwards, the potential for a growth wave to 83.26 could open. And if this level also breaks upwards, the potential for a growth wave to 86.03 might open. This is a local target.

Technical Analysis & Forecast 01.02.2024 BRENT
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

XAUUSD, “Gold vs US Dollar”

Gold has corrected to 2055.65. Today the market has completed a decline wave to 2030.81 and a correction to 2049.39. A decline structure to 2014.77 is expected to form. Next, a consolidation range might appear around this level. With a downward escape from the range, the trend could continue to 1976.50.

Technical Analysis & Forecast 01.02.2024 GOLD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

S&P 500

The stock index has completed a decline wave to 4843.0. Today a correction to 4896.0 might form. Once it is over, a decline wave to 4797.0 could follow. This is a local target. Next, a growth link to 4847.0 and a decline to 4760.0 are expected.

Technical Analysis & Forecast 01.02.2024 S&P 500
Risk Warning: the result of previous trading operations do not guarantee the same results in the future


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