Forex Technical Analysis & Forecast for February 2021

EURUSD, “Euro vs US Dollar”

As we can see in the daily chart, after reaching the short-term target within the fifth ascending wave at 1.2345, EURUSD is still correcting towards 1.2044. Later, the market may form the fifth structure of the fifth ascending wave to reach 1.2450 at least. After that, the instrument may resume trading downwards with the target at 1.2000.

GBPUSD, “Great Britain Pound vs US Dollar”

In the daily chart, after completing the ascending wave at 1.3370 and forming a new consolidation range there, GBPUSD has broken it to the upside and may continue trading within the uptrend towards 1.4060. Later, the market may form a new descending wave to return to 1.3370.

USDRUB, “US Dollar vs Russian Ruble”

As we can see in the daily chart, after finishing the ascending structure at 74.74 and breaking it to the upside, USDRUB has reached 76.50. After that, the instrument may continue the correction to test 74.76 from above and then form one more ascending structure to complete this wave at 76.90. Later, the market may resume trading downwards with the target at 72.56.

USDJPY, “US Dollar vs Japanese Yen”

In the daily chart, USDJPY continues growing towards 105.20; right now, it is forming the fifth structure inside the ascending wave. After reaching the above-mentioned level, the instrument may form a new descending structure with the first target at 102.50.

BRENT

As we can see in the daily chart, after breaking 49.33, Brent continues growing; right now, it is moving to reach 57.50. Later, the market may correct towards 54.00 and then start another growth to reach 58.69. In fact, the target of this ascending wave is at 62.50. After that, the instrument may form a new correctional wave to reach 49.33.

XAUUSD, “Gold vs US Dollar”

In the daily chart, Gold has reached the first target of the fifth descending wave at 1802.00; right now, it is consolidating above this level. Possibly, the metal may break the range to the upside and correct towards 1900.00. However, the main scenario implies that the asset may continue trading downwards with the short-term target at 1794.60. Later, the market may form one more ascending structure to test 1830.00 from below and then start a new decline towards the key downside target at 1750.00 to complete this wave. After that, the instrument may resume moving upwards to reach 1960.00.

S&P 500

In the daily chart, after finishing the descending wave at 3720.2, the S&P index is consolidating around this level. Possibly, the asset may break the range to the downside and fall with the short-term target at 3606.0. After that, the instrument may start a new correction to reach 3720.0 and then complete this wave by falling towards 3584.8. Later, the market may form one more ascending wave with the target at 3800.00.