Technical Analysis & Forecast 11.03.2024

EURUSD, “Euro vs US Dollar”

The EURUSD pair has extended a consolidation range upwards to 1.0980. A decline wave structure is forming towards 1.0918. Next, a growth link to 1.0949 is not excluded, after which a new decline wave to 1.0888 could begin. This is a local target.

GBPUSD, “Great Britain Pound vs US Dollar”

The GBPUSD pair has performed a growth wave to 1.2892, and today it might drop to 1.2797. Once this level is reached, a growth link to 1.2851 is not excluded, after which a new growth wave to 1.2744 could start. This is a local target.

USDJPY, “US Dollar vs Japanese Yen”

The USDJPY pair has performed a decline wave to 146.49. A consolidation range might form above this level today. With an escape from this range upwards, a new growth wave to 148.60 could start. This is the first target.

USDCHF, “US Dollar vs Swiss Franc”

The USDCHF pair has completed a decline wave to 0.8730. A growth wave structure to 0.8808 is forming today. Once this level is reached, a correction to 0.8770 might follow. Once this correction is over, a new growth wave to 0.8888 might start. This is a local target.

AUDUSD, “Australian Dollar vs US Dollar”

The AUDUSD pair has completed a growth wave to 0.6666. A decline wave structure to 0.6580 is forming today. Once this level is reached, a correction to 0.6623 might follow, after which a new growth wave towards 0.6540 could begin.

BRENT

Brent has completed a correction link to 81.18. A consolidation range is expected to form above this level. Escaping the range upwards, the potential for a growth wave to 83.33 might open. With a breakout of this level upwards, the trend could extend to 85.85. This is a local target.

XAUUSD, “Gold vs US Dollar”

Gold has completed a growth wave to 2195.00. Today the market is forming a consolidation range under this level. Breaking this range upwards, the quotes could continue the wave to 2220.00. With an escape from the range downwards, the potential for a correction to 2103.60 might open. Once the correction is over, the trend could extend to 2220.00. This is a local target.

S&P 500

The stock index has completed a growth structure to 5192.8. A decline wave to 5118.1 is expected today. Once this level is reached, the quotes might correct to 5155.0. Next, a new decline wave to 5077.5 could start. This is a local target.