Forex Technical Analysis & Forecast 03.12.2021

EURUSD, “Euro vs US Dollar”

After completing the descending structure at 1.1300, EURUSD is consolidating around this level. Possibly, the pair may break this range to the downside and form a new descending structure to break 1.1235. Later, the market may continue trading downwards with the target at 1.1115.

GBPUSD, “Great Britain Pound vs US Dollar”

After finishing the descending structure at 1.3259, GBPUSD is consolidating above this level. Today, the pair may break the range to the downside and start a new decline towards 1.3170. Later, the market may form one more ascending structure with the target at 1.3400.

USDRUB, “US Dollar vs Russian Ruble”

USDRUB continues trading downwards to reach 73.22. After that, the instrument may correct to test 74.14 from below and then form a new descending structure with the first target at 72.47.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY is growing towards 113.71 and may later start a new correction to reach 113.30. After that, the instrument may form one more ascending structure to break 113.71 and then continue trading within the uptrend with the short-term target at 114.86.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF is consolidating around 0.9198. Possibly, today the pair may form one more ascending structure to break 0.9265 and then continue trading upwards with the target at 0.9333.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD has finished the descending wave at 0.7062; right now, it is growing to reach 0.7118. Later, the market may resume trading downwards with the target at 0.7090.

BRENT

After completing another descending structure at 65.90, Brent is growing towards 75.05. Later, the market may start a new correction to reach 70.45 and then resume trading upwards with the target at 79.60.

XAUUSD, “Gold vs US Dollar”

After finishing the descending wave at 1763.00, Gold is growing towards 1789.00. Later, the market may start a new correction with the target at 1775.75.

S&P 500

After forming a new consolidation range below 4559.0 and breaking it to the upside, the S&P index continues growing towards 4616.6. Later, the market may start another decline with the target at 4487.1.