Forex Technical Analysis & Forecast 24.02.2021

EURUSD, “Euro vs US Dollar”

After finishing another ascending wave at 1.2177, EURUSD had returned to 1.2144; right now, it is consolidating above the latter level. Possibly, today the pair may expand the range down to 1.2135 and then resume growing to break 1.2190. After that, the instrument may continue trading upwards with the target at 1.2350.

GBPUSD, “Great Britain Pound vs US Dollar”

After completing the ascending wave at 1.4220, GBPUSD is correcting towards 1.4127 and may later start another growth with the target at 1.4180, thus forming a new consolidation range between the two latter levels.

USDRUB, “US Dollar vs Russian Ruble”

USDRUB has formed one more consolidation range, this time – around 74.10. Today, the pair may break the range to the downside to reach 73.00. After that, the instrument may form one more ascending structure to return to 74.10.

USDJPY, “US Dollar vs Japanese Yen”

After completing the descending structure at 104.92, USDJPY has returned to 105.38; right now, it is consolidating around the latter level. Possibly, the pair may expand the range up to 105.70, Later, the market may resume trading downwards with the target at 104.78.

USDCHF, “US Dollar vs Swiss Franc”

After finishing the ascending impulse at 0.9018 and ten forming a narrow consolidation range below this level, USDCHF has broken it to the upside and may later continue growing towards 0.9085. After that, the instrument may start a new decline with the target at 0.8975.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD has finished the ascending wave at 0.7937. Possibly, today the pair may correct towards 0.7807 and then resume trading upwards with the target at 0.7950.

BRENT

Brent has finished the correction at 64.00; right now, it is still consolidating above this level. Possibly, the asset may expand the range down to 63.35 and then resume growing to break 65.00. Later, the market may continue moving upwards with the target at 66.50.

XAUUSD, “Gold vs US Dollar”

Gold is still growing towards 1818.74 and may later start a new correction to reach 1792.85. After that, the instrument may form one more ascending structure towards 1825.55 and then start resume falling with the target at 1755.50.

S&P 500

After finishing the descending wave at 3830.0 along with the correction towards 3891.0, the S&P index is falling to reach 3850.1, thus forming a new consolidation range between the two latter levels. After that, the instrument may break the range to the upside and resume trading upwards with the target at 3973.0.