Technical Analysis & Forecast 02.11.2023

EURUSD, "Euro vs US Dollar"

EURUSD has completed a declining wave to 1.0516. By now, it has also performed a rising impulse to 1.0565. A consolidation range has formed around this level, and with an escape upwards the market extends a structure of growth to 1.0616. Upon reaching this level, the quotes might drop to 1.0565.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD has completed a wave of decline to 1.2095. Today the market has shown a rising impulse to 1.2195. Practically, it continues developing a wide consolidation range around the 1.2141 level. A link of decline to 1.2141 is expected today (with a test from above). Next, another growth structure to 1.2200 is not excluded. Upon reaching this level, the quotes might develop a new wave of decline to 1.2100.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY has completed a wave of correction to 150.15. Today the market is consolidating above this level. With an escape upwards, a new wave of growth to 152.20 could begin.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF has completed a wave of correction to 0.9024. A structure of growth to 0.9064 might form today. Next, a link of decline to 0.9010 is expected.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD has formed a consolidation range around 0.6355, completing the wave at 0.6430 with an escape upwards. A decline to 0.6375 might follow today. Next, a new structure of growth to 0.6444 might follow.

BRENT

Brent has completed a wave of growth to 87.07. Today the market has demonstrated a declining structure to 84.45. At the moment, a consolidation range is forming above this level. Escaping it upwards, the quotes might start a wave of growth to 89.33. With an escape downwards, the potential for further correction to 81.50 could open.

XAUUSD, “Gold vs US Dollar”

Gold has completed a wave of decline to 1970.60. A link of correction to 1990.70 might form. Next, a new wave of decline to 1928.22 could begin. This is a local target.

S&P 500

The stock index has completed a wave of growth to 4252.0. A consolidation range might form today around this level. The range could extend to 4258.0. Next, a correction to 4180.0 might start.