Brent may extend its upward momentum. The overview also encompasses the dynamics of EUR, GBP, JPY, CHF, AUD, Gold, and the S&P 500 index.
EUR/USD (Euro vs US Dollar)
The EUR/USD pair found support at the 1.0767 level and is currently undergoing a correction. Today, the correction might extend to 1.0791. Once completed, a downward wave to 1.0700 is anticipated. If this level is breached, the potential for a further decline to 1.0666 might unfold. This represents the initial target of a new downtrend wave.
GBP/USD (Great Britain Pound vs US Dollar)
The GBP/USD pair is in the midst of an extended correction wave, testing the 1.2658 level from below. Following the completion of the correction, a new downward wave to 1.2470 might initiate. This marks the primary target of a decline within the existing downtrend.
USD/JPY (US Dollar vs Japanese Yen)
The USD/JPY pair is ongoing in the development of an upward wave to 149.47. Once this level is attained, a new downward wave to 147.64 is expected to commence, potentially continuing the trend to 145.15.
USD/CHF (US Dollar vs Swiss Franc)
The USD/CHF pair has concluded an upward wave, reaching 0.8752. Currently forming a corrective phase to 0.8690, a new upward structure to 0.8826 might commence once the correction concludes. This signifies the initial target within the uptrend wave structure.
AUD/USD (Australian Dollar vs US Dollar)
The AUD/USD pair is persisting in a consolidation range below the 0.6539 level. An anticipated downward breakout from the range to 0.6467 might lead to an extension of the wave to 0.6395. This represents the first target in the declining structure within the existing downtrend.
BRENT
Brent is still in the process of developing an upward wave to 79.85. Upon reaching this level, a potential correction to 78.25 is not ruled out, acting as a test from above. Following the correction, a new upward wave to 80.90 might commence. If this level is surpassed, the potential for an increase to 83.38 might unfold. This signifies a local target.
XAU/USD (Gold vs US Dollar)
Gold is currently forming a structure for a declining wave to 2030.10. Once this level is reached, a correction to 2037.30 might occur. Subsequently, a new declining structure to 2022.20 might unfold, with the potential for the wave to continue to 2016.10. This marks a local target.
S&P 500
The stock index has surpassed the 4973.5 level upwards, suggesting a continuation of the growth wave to 5011.0. Following this, a potential correction to 4973.5 (a test from above) might transpire. Subsequent to the correction, an anticipated growth link to 5025.0 is expected.
The post Technical Analysis & Forecast February 08, 2024 appeared first at R Blog – RoboForex.