Technical Analysis & Forecast 09.01.2024

EURUSD, “Euro vs US Dollar”

EURUSD has completed the first decline wave to 1.0877. A consolidation range could form around 1.0942 today. With an escape from the range upwards, a correction to 1.1010 at least could follow. With a downward escape, the potential for further wave extension to 1.0750 might open. This is a local target.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD has completed a decline wave to 1.2611 and a correction to 1.2769. A consolidation range is expected to develop around 1.2735. With an escape upwards, the correction could continue to 1.2790. With a downward escape, the potential for a new decline wave to 1.2570 might open. And with a breakout of this level downwards as well, the potential for a decline wave to 1.2377 could also open. This is a local target.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY has completed a growth wave to 145.95. This is a local target. Today the correction is expected to extend to 142.61. After it is over, a new growth wave to 146.40 could develop. This is the first target.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF has completed a growth wave structure to 0.8574. This is a local target. By now, the pair has corrected to 0.8455. A consolidation range is forming above this level today. With a downward escape, the correction might extend to 0.8410. With an upward escape, the growth wave could extend to 0.8600. This is the first target.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD has completed a decline wave to 0.6644 and a correction to 0.6746. A consolidation range is expected to develop around 0.6720 today. With an upward escape, the correction might continue to 0.6768. With an escape downwards, the potential for a decline wave to 0.6640 might open. And be this level also breached downwards, the trend might continue to 0.6500.

BRENT

Brent continues developing a consolidation range around 78.93. With an upward escape from the range, the potential for a growth wave to 83.15 might open, from where the trend could extend to 91.50. With an escape downwards, the correction could continue to 70.00, after which a new growth wave to 95.00 might start.

XAUUSD, “Gold vs US Dollar”

Gold has completed a growth wave at 2088.30. Today the correction might extend to 2015.66. When it is over, a growth wave to 2130.60 could begin. This is the first target.

S&P 500

The stock index continues developing a consolidation range around 4725.5. Today it might expand to 4770.0. Next, a correction might develop to 4725.5 (a test from above). When the correction is over, a growth link to 4786.0 is expected.