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XAU/USD

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Forex technical analysis and forecast: Majors, equities and commodities

RoboForex Team RoboForex

EUR/USD, “Euro vs US Dollar”

The EUR/USD pair has received support at the 1.0766 level and completed a growth structure, reaching 1.0805. A narrow consolidation range has formed around this level. Today, with an upward breakout, a rise to 1.0827 is expected, followed by a potential decline to 1.0805 (testing from above). Subsequently, the price could rise to the corrective wave target of 1.0844. Once the correction is complete, a new decline wave might start, aiming for 1.0725 as the first target of another decline wave.

GBP/USD, “Great Britain Pound vs US Dollar”

The GBP/USD pair has received support at the 1.2509 level and completed a growth structure, reaching 1.2575. A narrow consolidation range has formed around this level. Today, a rise to 1.2599 is expected, followed by a potential decline to 1.2575 (testing from above). Subsequently, the price could rise at least to 1.2630, practically extending a corrective wave. Once the correction is complete, a new decline wave is expected to start, aiming for 1.2444 as the first target.

USD/JPY, “US Dollar vs Japanese Yen”

The USD/JPY pair has completed a growth wave, reaching 156.77. Today, the market has formed a correction towards 156.22. A consolidation range is expected to develop above this level, possibly extending to 157.09, with another potential growth structure targeting 157.33. At this point, the growth wave will exhaust its potential. Next, a new decline wave could start, aiming for 154.50 as the first target.

USD/CHF, “US Dollar vs Swiss Franc”

The USD/CHF pair is currently in a consolidation phase around 0.9066. The consolidation range has extended upwards to 0.9101 and today could expand downwards to 0.9039. An upward breakout will open the potential for a growth wave towards 0.9220. With a downward breakout, a decline to 0.9009 is not ruled out, followed by a rise to 0.9222.

AUD/USD, “Australian Dollar vs US Dollar”

The AUD/USD pair has received support at the 0.6577 level and risen to 0.6620. The market has formed a consolidation range around this level. Today, a rise to 0.6650 is expected, followed by a potential decline to 0.6622 (testing from above). Subsequently, the price could rise to 0.6666. At this point, the corrective wave will exhaust its potential. A new decline wave could start, aiming for 0.6444 as the first target.

Brent

Brent is currently in a consolidation phase around 82.75. The consolidation range has extended downwards to 81.85 and today could expand upwards to 83.80. With an upward breakout of the range, a new growth wave could start, aiming for 85.55 as the local target.

XAU/USD, “Gold vs US Dollar”

Gold has received support at the 2336.46 level and risen to 2361.00. Today, a decline to 2347.07 (testing from above) could follow. Next, another corrective link might develop, targeting 2362.44. Once the correction is complete, a new decline wave might start, aiming for 2273.11 as the local target.

S&P 500

The stock index has received support at 5196.0. The market has completed a growth link, reaching 5250.5. Today, a consolidation range is forming around this level, potentially extending to 5262.2. Next, a new decline wave could start, aiming for 5200.0 as the first target of the decline wave.

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RoboForex Team

RoboForex

RoboForex Team is a group of professional financial experts with high experience on financial market, whose main purpose is to provide traders with quality and up-to-date market information.

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.