Connect with us

Hi, what are you looking for?

Smart Success Strategy – Investing and Stock NewsSmart Success Strategy – Investing and Stock News

Economy

Forex Day Trading Analysis: EUR/USD and S&P Forecast

Forex Day Trading Analysis: EUR/USD and S&P Forecast

In the forex market, technical analysis is essential for traders to predict potential price movements and make informed decisions. We delve into the technical forecasts for major currency pairs, commodities, and the S&P 500 index to provide insights for investors.

EUR/USD: Euro Faces Local Targets Amid Consolidation

EUR/USD has reached the local target of a declining wave at 1.1020 and is currently consolidating above this level. The price is expected to grow to 1.1070 and then drop to 1.1046. Afterward, the pair could rise to 1.1100, followed by a potential correction to 1.1125. A new wave of decline to 1.0977 might start afterward.

GBP/USD: Pound Consolidation and Potential Decline

GBP/USD has completed a wave of growth to 1.2903, forming a consolidation range below this level. Breaking out upwards could lead to further growth to 1.2929, followed by a decline to 1.2872 and another rise to 1.2946. If the price breaks below the range, the pair might decline to 1.2770.

USD/JPY: Japanese Yen’s Declining Structure

In today’s forex day trading, USD/JPY has completed a declining structure to 140.74, followed by a rise to 141.70. Currently, the market is developing a new declining structure to 139.93, likely followed by a rise to 141.03 and a drop to 139.80. A potential wave of growth to 142.33 might start after reaching this level.

USD/CHF: USDCHF’s Wave of Growth

USD/CHF has completed a wave of growth to 0.8698 and is currently forming a correction structure to 0.8624. After the correction, a wave of growth to 0.8799 could ensue.

AUD/USD: Australian Dollar’s Declining Wave

AUD/USD has completed a correction structure to 0.6793 and might start a new wave of decline to 0.6726. The trend could further continue to 0.6655.

Brent: Brent’s Consolidation and Potential Rise

Brent has completed a structure of growth to 83.43, forming a consolidation range below this level. A decline to 82.50 and a potential rise to 83.60 are possible. Afterward, a correction to 81.10 might occur, followed by a rise to 84.00.

Gold: Gold’s Decline and Potential Growth

Gold completed a structure of decline to 1951.33. Currently, the market has performed a rise to 1966.16, and a consolidation range is forming below this level. Breaking out upwards could extend the wave of growth to 1972.12, while a decline could lead to a new wave of decline to 1937.00.

S&P 500: Stock Index’s Consolidation and Downside Risk

The S&P 500 index has formed a consolidation range around 4560.0, with a potential extension to 4591.0 if breaking upwards. After reaching this level, the price might drop to 4530.0. A further breakdown could open the potential for a decline to 4488.0.

Forex Day Trading: Market Overview and Key Factors

The dollar nears a two-week high against the euro, with traders closely monitoring crucial policy decisions from central banks. The Australian dollar slid after benign inflation data indicated the Reserve Bank of Australia might not hike rates next week.

USD’s Resilience Amid Economic Data

The U.S. dollar index rose to 101.37, supported by a resilient U.S. economy despite the FOMC’s interest rate increases. The market expects another quarter-point hike from the U.S. Federal Reserve, while the European Central Bank’s policy decision and a potential rate hike are also being closely watched.

Looking Ahead: Central Bank Decisions and Impact on Currencies

With the Fed’s decision and ECB policy-setting ahead, market sentiment remains cautious. Investors are evaluating inflation data, economic growth, and central banks’ future rate moves for potential impacts on currency pairs and commodities. The outcome of these crucial decisions will guide trading strategies and shape market trends in the days to come.

The post Forex Day Trading Analysis: EUR/USD and S&P Forecast appeared first on FinanceBrokerage.

Enter Your Information Below To Receive Latest News, And Articles.



    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Editor's Pick

    The energy revolution is here to stay, and electric vehicles (EVs) have become part of the mainstream narrative. Despite geopolitical tensions and uncertainty, the...

    Editor's Pick

    Overview Mexico’s Sinaloa state hosts a number of prolific silver and gold mines, including McEwen Mining’s (TSX:MUX) El Gallo Complex, Americas Gold and Silver’s...

    Editor's Pick

    Uranium is an important energy sector commodity, and its rising value has attracted investor interest. 2023 has seen uranium prices solidly above the important...

    Investing

    A new survey shows that the presidential race between former President Donald Trump and President Biden is thin, but Biden faces a deficit in...

    Disclaimer: smartsuccessstrategy.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2024 smartsuccessstrategy.com