Technical Analysis & Forecast 22.02.2024

EURUSD, “Euro vs US Dollar”

The EURUSD pair completed a growth wave structure to the 1.0823 level. Today the market has formed a consolidation range around this level and, escaping it upwards, might extend the correction to 1.0852. Once it is over, a new decline wave to 1.0774 could begin.

GBPUSD, “Great Britain Pound vs US Dollar”

The GBPUSD pair completed a growth wave to 1.2640. Today the market is forming a consolidation range around this level. With an escape upwards, the correction could extend to 1.2681. Once this corrective wave is over, a decline to 1.2583 might start. This is the first target.

USDJPY, “US Dollar vs Japanese Yen”

The USDJPY pair continues developing a consolidation range around the 150.04 level. By now, the market has extended the range to 150.45. Today a decline link to 149.55 is expected. Next, a growth link to 150.04 might follow (a test from below). After that, the quotes could drop to 149.37.

USDCHF, “US Dollar vs Swiss Franc”

The USDCHF pair continues falling to the 0.8775 level. Once this level is reached, a growth wave to 0.8837 might begin, followed by a decline to 0.8806. Practically, a wide consolidation range is expected to develop. With an escape from the range upwards, the trend could continue to 0.8898.

AUDUSD, “Australian Dollar vs US Dollar”

The AUDUSD pair continues forming a growth link to 0.6578. Next, a consolidation range might conclude. With an escape from the range upwards, the correction could extend to 0.6626. Once the correction is over, a decline wave to 0.6535 might start, from where the trend could continue to 0.6435.

BRENT

Brent continues developing a consolidation range around the 81.52 level without any obvious trend. A growth link to 82.98 is expected today. If this level also breaks upwards, the potential for a growth wave to 84.82 might open, and the trend could extend to 86.50. This is the first target.

XAUUSD, “Gold vs US Dollar”

Gold continues forming a consolidation range around 2026.34. Today the quotes could break the range upwards to 2036.66. Once this level is reached, a decline wave to 2010.80 might start. This is the first target.

S&P 500

The stock index has completed a decline wave structure to 4947.0, concluding a growth impulse to 5018.0 today. Currently, a consolidation range is forming around this level. With an upward escape, a growth link to 5030.0 is expected. With an escape downwards, a decline to 4988.0 could follow. Practically, a wide consolidation range is expected to form at the top of the growth wave.