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Forex technical analysis and forecast: EUR/USD, GBP/USD, USD/RUB, USD/JPY, USD/CHF, AUD/USD, Brent, Gold, BTC/USD, SP 500

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EUR/USD, “Euro vs US Dollar”

After breaking 1.0844 and then reaching 1.0803, EURUSD is consolidating above this level. Possibly, the pair may expand this range down to 1.0795 and then form one more ascending structure to break 1.0825. Later, the market may start a new correction to return to 1.0844 and then resume trading inside the downtrend with the target at 1.0750.

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

GBP/USD is still consolidating around 1.2323. Possibly, the pair may expand the range up to 1.2420 and then resume moving downwards with the first target at 1.2190.

USD/RUB, “US Dollar vs Russian Ruble”

USDRUB is forming a new descending impulse towards 75.25 and may later grow to reach 76.40, thus forming a new consolidation range. If later the price breaks this range to the downside, the market may resume trading inside the downtrend with the target at 69.52; if to the upside – choose an alternative scenario to extend the wave up to 78.05 and then start a decline to reach the above-mentioned target.

USD/JPY, “US Dollar vs Japanese Yen”

After finishing the ascending structure towards 107.90 along with the correction at 107.66, USDJPY is expected to start another growth to reach 108.07. After that, the instrument may resume falling with the target at 107.50.

USD/CHF, “US Dollar vs Swiss Franc”

After breaking 0.9706 to the upside, USDCHF is expected to continue growing with the short-term target at 0.9745. Later, the market may correct towards 0.9660 and then form one more ascending structure to reach 0.9800.

AUD/USD, “Australian Dollar vs US Dollar”

AUD/USD is still consolidating around 0.6280. Possibly, the pair may form one more ascending structure to reach 0.6363 and then resume trading inside the downtrend with the short-term target at 0.6214.

BRENT

Brent has completed the ascending impulse towards 25.40; right now, it is consolidating below this level. The mains scenario implies that the price may correct to reach 20.70 and then grow to break 25.40. Later, the market may resume growing towards 31.00 and then start a new correction to return to 25.40.

XAU/USD, “Gold vs US Dollar”

Gold has completed the ascending wave at 1718.10, which may be considered as the third ascending structure. Today, the pair may correct towards 1693.15 and then start another growth to reach 1727.47.

BTC/USD, “Bitcoin vs US Dollar”

After finishing the ascending structure towards 7140.00, BTCUSD is expected to consolidate around this level. According to the main scenario, the price may break the range to the upside and then continue trading upwards with the short-term target at 7520.00. Later, the market may start a new correction to reach 6800.00 and then form one more ascending structure towards 7700.00.

SP 500

S&P 500 has finished the ascending impulse at 2816.0. Possibly, today the price may form a new consolidation range around this level. Later, the market may break it to the upside and continue growing towards 2927.6. After that, the instrument may start another correction to reach 2675.0 and then resume trading inside the uptrend with the target at 3160.2.

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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 trims losses, flirts with the 1.1850 zone

EUR/USD is back on the back foot on Wednesday, slipping below the 1.1850 area as the US Dollar picks up some modest traction. The move comes as traders position ahead of a busy run of US data and the release of the FOMC Minutes. Adding to the pullback are reports that the ECB’s Lagarde may step down before completing her term.

GBP/USD flirts with daily highs near 1.3580

GBP/USD manages to set aside two consecutive daily declines and trades with slight gains in the 1.3580 zone on Wednesday. Cable’s uptick comes despite acceptable gains in the Greenback and easing UK inflation figures, which seem to have reinforced the case for a BoE rate cut in March.

Gold regains some shine, retargets $5,000 ahead of FOMC Minutes

Gold gathers fresh upside traction on Wednesday, leaving part of the weakness seen at the beginning of the week and refocusing its attention to the key $5,000 mark per troy ounce, all ahead of the release of the FOMC Minutes and despite the modest uptick in the US Dollar.

Pi Network rally defies market pressure ahead of its first anniversary

Pi Network is trading above $0.1900 at press time on Wednesday, extending the weekly gains by nearly 8% so far. The steady recovery is supported by a short-term pause in mainnet migration, which reduces pressure on the PI token supply for Centralized Exchanges. The technical outlook focuses on the $0.1919 resistance as bullish momentum increases.

Mixed UK inflation data no gamechanger for the Bank of England

Food inflation plunged in January, but service sector price pressure is proving stickier. We continue to expect Bank of England rate cuts in March and June. The latest UK inflation read is a mixed bag for the Bank of England, but we doubt it drastically changes the odds of a March rate cut.

Top 3 Price Prediction: Bitcoin, Ethereum, and Ripple face downside risk as bears regain control

Bitcoin, Ethereum, and Ripple remain under pressure on Wednesday, with the broader trend still sideways. BTC is edging below $68,000, nearing the lower consolidating boundary, while ETH and XRP also declined slightly, approaching their key supports.