Technical Analysis & Forecast 10.03.2023

EURUSD, “Euro vs US Dollar”

The currency pair has completed a wave of correction to 1.0589. At the moment, a consolidation range is forming around this level. An escape downwards and further development of the wave to 1.0470 is expected. The target is local. After this level is reached, a link of growth to 1.0570 is not excluded, followed by a decline to 1.0450.

GBPUSD, “Great Britain Pound vs US Dollar”

The currency pair continues developing a correction to 1.1964. After this level is reached, a consolidation range should develop. After an escape from the range downwards, the wave should develop to 1.1775, and a structure of the declining wave should form to 1.1700.

USDJPY, “US Dollar vs Japanese Yen”

The currency pair has completed a wave of decline to 135.80. Today the market has corrected to 136.96. At the moment, it is forming a consolidation range around this level. With an escape downwards, a pathway to 135.30 should open. After the price reaches this level, it might form a link of correction to 135.55.

USDCHF, “US Dollar vs Swiss Franc”

The currency pair continues developing a consolidation range above 0.92380. An escape upwards to 0.9660 and continuation of the wave to 0.9870 are expected. After the price reaches the latter level, it might begin a correction to 0.9200.

AUDUSD, “Australian Dollar vs US Dollar”

The currency pair has completed a structure of a declining wave to 0.6560. Today the market continues forming a consolidation range above this level. A link of growth to 0.6644 is not excluded, followed by a decline to 0.6510. The target is local.

BRENT

Brent has completed a link of growth to 83.74. Today the market is forming a new link of decline to 80.70. After the price reaches the level, a consolidation range might form above it. With an escape upwards, the price might grow to 85.25. And if this level also breaks, a structure to 87.87 might form, from where the wave might further develop to 89.77. The target is local.

XAUUSD, “Gold vs US Dollar”

Gold continues developing a structure of correction to 1837.50. After the price reaches this level, a link of decline to 1802.50 might form, from where the wave might develop to 1774.44. The target is local.

S&P 500

The stock index has demonstrated an impulse of decline to 3907.0. At the moment, the market is forming a consolidation range around this level. The next structure of decline to 3832.5 is expected, from where the wave might continue to 3788.0.