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Technical Analysis & Forecast 12.02.2024

EURUSD, “Euro vs US Dollar”

EURUSD has formed a correction to 1.0799. Currently, the market is forming a narrow consolidation range under this level. A range extension link to 1.0805 is not excluded today. Next, a decline to 1.0730 might follow, from where the trend could extend to 1.0666. This is a local target.

Technical Analysis & Forecast 12.02.2024 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 correction to 1.2642. A consolidation range is expected to form around this level today. A growth link to 1.2650 is not excluded, followed by a decline to 1.2598. If this level also breaks, the potential for a decline wave to 1.2464 might open.

Technical Analysis & Forecast 12.02.2024 GBPUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

USDJPY, “US Dollar vs Japanese Yen”

USDJPY is forming a decline wave structure to 148.92. Once this level is reached, a correction to 149.20 could form. Practically, a consolidation range is forming at these levels. With a downward escape from the range, a new decline wave to 147.66 might begin. This is the first target.

Technical Analysis & Forecast 12.02.2024 USDJPY
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

USDCHF, “US Dollar vs Swiss Franc”

USDCHF has performed a growth wave to 0.8757. A consolidation range is expected to form under this level. With a downward escape, a correction link to 0.8725 is not excluded. With an upward escape, the growth wave could continue to 0.8792, from where the trend might continue to 0.8828.

Technical Analysis & Forecast 12.02.2024 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 continues developing a consolidation range around 0.6505. An escape from the range downwards to 0.6467 is expected today. Next, the quotes could correct to 0.6505. After that, a decline to 0.6450 might form, from where the wave could continue to 0.6400. This is the first target in the decline structure by the downtrend.

Technical Analysis & Forecast 12.02.2024 AUDUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

BRENT

Brent continues forming a consolidation range under 82.12. 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 follow. Next, a rise to 85.90 is expected. This is the first target.

Technical Analysis & Forecast 12.02.2024 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 completed a correction wave to 2036.77. By now, the market has completed a decline wave to 2020.25. A consolidation range is forming above this level today. The quotes might escape the range downwards and continue the decline wave to 2006.06. Once this level is reached, a correction to 2020.25 is expected (a test from below). Next, a decline to 1998.50 could follow.

Technical Analysis & Forecast 12.02.2024 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 growth wave to 5030.0. A narrow consolidation range is forming under this level today. A growth link to 5034.0 is not excluded. Next, a decline wave to 4995.0 could form. This is the first target.

Technical Analysis & Forecast 12.02.2024 S&P 500
Risk Warning: the result of previous trading operations do not guarantee the same results in the future


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