Technical Analysis & Forecast for December 2023

01.12.2023

EURUSD, “Euro vs US Dollar”

EURUSD has completed a correction to 1.1010. Currently, a decline wave to 1.0860 might form, possibly followed by a correction to 1.0920. Practically, a consolidation range is forming around this level. The main scenario presumes a decline to 1.0713. This is the first target.

EURUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD has performed a correction wave to 1.2680. A consolidation range is now forming under this level. With an escape from this range downwards, a decline wave to 1.2216 could begin. Once this level is breached, the trend might continue to 1.1700. This is a local target.

GBPUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

USDJPY, “US Dollar vs Japanese Yen”

USDJPY has completed a movement to 146.80 within the first decline wave. At the moment the market is developing a correction to 149.25. After it is over, a decline wave to 144.44 might follow. This is a local target.

USDJPY
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

BRENT

Brent has completed a growth wave to 84.80. Next, it might correct to 79.90. After the quotes reach the target, a wave of growth to 88.10 might start, from where the trend could continue to 89.95. This is the first target.

BRENT
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

XAUUSD, “Gold vs US Dollar”

Gold has completed a growth wave to 2050.50. A consolidation range is expected to develop under this level. With an escape from the range downwards, a correction wave to 1986.00 might happen. Next, a rise to 2080.00 could follow, from where the trend could continue to 2176.00.

GOLD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

S&P 500

The stock index has formed a consolidation range around 4370.0. With an escape from the range upwards, the second half of the growth wave might develop to 4640.0. After the price reaches this level, a new decline wave to 4486.6 might begin. This is the first target of the decline wave.

S&P 500
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

Attention!

Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.