Technical Analysis & Forecast February 06, 2024
<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/TA_5-360×360.jpg" class="attachment-thumbnail size-thumbnail wp-post-image" alt="Technical Analysis & Forecast" style="margin-bottom: 15px;" decoding="async" loading="lazy" /></div><p><a href="https://roboforex.com/beginners/info/charts/metals/xauusd/" data-internallinksmanager029f6b8e52c="43" title="XAU/USD">Gold</a> is in a correction phase. The overview also covers the dynamics of <a href="https://roboforex.com/beginners/info/charts/forex/eurusd/" data-internallinksmanager029f6b8e52c="35" title="EUR/USD">EUR</a>, <a href="https://roboforex.com/beginners/info/charts/forex/gbpusd/" data-internallinksmanager029f6b8e52c="36" title="GBP/USD">GBP</a>, <a href="https://roboforex.com/beginners/info/charts/forex/usdjpy/" data-internallinksmanager029f6b8e52c="40" title="USD/JPY">JPY</a>, <a href="https://roboforex.com/beginners/info/charts/forex/usdchf/" data-internallinksmanager029f6b8e52c="39" title="USD/CHF">CHF</a>, <a href="https://roboforex.com/beginners/info/charts/forex/audusd/" data-internallinksmanager029f6b8e52c="33" title="AUD/USD">AUD</a>, <a href="https://roboforex.com/beginners/info/charts/energies/brent/" data-internallinksmanager029f6b8e52c="312" title="Brent">Brent</a>, and the S&P 500 index.</p>
<h2>EUR/USD (Euro vs US Dollar)</h2>
<figure><img decoding="async" width="1596" height="716" src="https://blog.roboforex.com/wp-content/uploads/2024/02/EURUSDH1-3.png" alt="EUR/USD (Euro vs US Dollar)" class="wp-image-20139" srcset="https://blog.roboforex.com/wp-content/uploads/2024/02/EURUSDH1-3.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/02/EURUSDH1-3-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/02/EURUSDH1-3-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/02/EURUSDH1-3-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption><em>EUR/USD (Euro vs US Dollar)</em></figcaption></figure><p>EUR/USD has concluded a decline wave, reaching 1.0722. Today, the pair may undergo a correction to 1.0753. Once this corrective phase concludes, a fresh decline wave to 1.0720 might initiate. If this level is breached, the potential for a further descent to 1.0696 could materialize. This marks a local target.</p>
<h2>GBP/USD (Great Britain Pound vs US Dollar)</h2>
<figure><img decoding="async" width="1596" height="716" src="https://blog.roboforex.com/wp-content/uploads/2024/02/GBPUSDH1-3.png" alt="GBP/USD (Great Britain Pound vs US Dollar)" class="wp-image-20138" srcset="https://blog.roboforex.com/wp-content/uploads/2024/02/GBPUSDH1-3.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/02/GBPUSDH1-3-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/02/GBPUSDH1-3-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/02/GBPUSDH1-3-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption><em>GBP/USD (Great Britain Pound vs US Dollar)</em></figcaption></figure><p>GBP/USD has completed a decline wave to 1.2518. Today, a correction to 1.2574 is plausible. After the correction concludes, a new decline wave to 1.2470 might commence. This constitutes a local target.</p>
<h2>USD/JPY (US Dollar vs Japanese Yen)</h2>
<figure><img loading="lazy" decoding="async" width="1596" height="716" src="https://blog.roboforex.com/wp-content/uploads/2024/02/USDJPYH1-3.png" alt="USD/JPY (US Dollar vs Japanese Yen)" class="wp-image-20137" srcset="https://blog.roboforex.com/wp-content/uploads/2024/02/USDJPYH1-3.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/02/USDJPYH1-3-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/02/USDJPYH1-3-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/02/USDJPYH1-3-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption><em>USD/JPY (US Dollar vs Japanese Yen)</em></figcaption></figure><p>USD/JPY has wrapped up a growth wave to 148.89. Presently, the market is shaping a consolidation range below this level. An escape downward could lead to a correction to 147.77, while an upward breakout might pave the way for a rise to 149.47.</p>
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<h2>USD/CHF (US Dollar vs Swiss Franc)</h2>
<figure><img loading="lazy" decoding="async" width="1596" height="716" src="https://blog.roboforex.com/wp-content/uploads/2024/02/USDCHFH1-3.png" alt="USD/CHF (US Dollar vs Swiss Franc)" class="wp-image-20136" srcset="https://blog.roboforex.com/wp-content/uploads/2024/02/USDCHFH1-3.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/02/USDCHFH1-3-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/02/USDCHFH1-3-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/02/USDCHFH1-3-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption><em>USD/CHF (US Dollar vs Swiss Franc)</em></figcaption></figure><p>USD/CHF has completed a growth wave to 0.8717. Currently, the market is constructing a consolidation range below this level. A potential downward breakout for a correction to 0.8666 cannot be ruled out. Conversely, an upward breakout may open the door to a growth wave to 0.8737, from where the trend might extend to 0.8787.</p>
<h2>AUD/USD (Australian Dollar vs US Dollar)</h2>
<figure><img loading="lazy" decoding="async" width="1596" height="716" src="https://blog.roboforex.com/wp-content/uploads/2024/02/AUDUSDH1-3.png" alt="AUD/USD (Australian Dollar vs US Dollar)" class="wp-image-20135" srcset="https://blog.roboforex.com/wp-content/uploads/2024/02/AUDUSDH1-3.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/02/AUDUSDH1-3-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/02/AUDUSDH1-3-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/02/AUDUSDH1-3-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption><em>AUD/USD (Australian Dollar vs US Dollar)</em></figcaption></figure><p>AUD/USD has concluded a decline wave to 0.6468. A potential correction to 0.6540 is on the horizon. Post-correction, the decline wave might extend to 0.6470, initiating a potential continuation of the trend to 0.6394.</p>
<h2>BRENT</h2>
<figure><img loading="lazy" decoding="async" width="1596" height="716" src="https://blog.roboforex.com/wp-content/uploads/2024/02/BRENTH4-2.png" alt="BRENT" class="wp-image-20134" srcset="https://blog.roboforex.com/wp-content/uploads/2024/02/BRENTH4-2.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/02/BRENTH4-2-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/02/BRENTH4-2-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/02/BRENTH4-2-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption><em>BRENT</em></figcaption></figure><p>Brent is persisting in a consolidation range around 77.22. An upward breakout could propel the growth wave to 80.90, constituting the initial target. Subsequently, a decline to 79.00 followed by a rise to 83.15 might ensue, paving the way for a potential continuation of the trend to 85.90.</p>
<h2>XAU/USD (Gold vs US Dollar)</h2>
<figure><img loading="lazy" decoding="async" width="1596" height="716" src="https://blog.roboforex.com/wp-content/uploads/2024/02/XAUUSDH4-3.png" alt="XAU/USD (Gold vs US Dollar)" class="wp-image-20133" srcset="https://blog.roboforex.com/wp-content/uploads/2024/02/XAUUSDH4-3.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/02/XAUUSDH4-3-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/02/XAUUSDH4-3-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/02/XAUUSDH4-3-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption><em>XAU/USD (Gold vs US Dollar)</em></figcaption></figure><p>Gold has finalized a decline wave to 2015.00, with a potential correction to 2042.20 anticipated today. After the correction, a fresh decline wave to 2025.00 might unfold. A consolidation range could materialize around 2025.00. An upward breakout may lead to a growth wave to 2067.11, while a downward breakout could result in a decline wave to 2002.00, constituting a local target.</p>
<h2>S&P 500</h2>
<figure><img loading="lazy" decoding="async" width="1596" height="716" src="https://blog.roboforex.com/wp-content/uploads/2024/02/US500CashH1-3.png" alt="S&P 500" class="wp-image-20140" srcset="https://blog.roboforex.com/wp-content/uploads/2024/02/US500CashH1-3.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/02/US500CashH1-3-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/02/US500CashH1-3-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/02/US500CashH1-3-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption><em>S&P 500</em></figcaption></figure><p>The stock index is in the process of forming a consolidation range around 4936.2. An escape downward may trigger a wave to 4897.0, marking the initial target. Following this, quotes could correct to 4936.0 (a test from below), and subsequently, a decline to 4842.2 appears plausible. This marks a local target.</p>
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