Technical Analysis & Forecast 17.01.2024

EURUSD, “Euro vs US Dollar”

EURUSD has completed a decline wave to 1.0882. Today the market has formed a consolidation range around this level and, breaking the range downwards, continues developing the wave to 1.0765. This is a local target. Once this level is reached, a correction link to 1.0882 is not excluded, followed by a decline to 1.0630.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD has completed a decline wave to 1.2608. A consolidation range is expected to form around this level and, breaking the boundary downwards, the trend could continue to 1.2433. This is a local target.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY has completed a growth wave to 146.88. A consolidation range has formed around this level today and, escaping it upwards, has opened the potential for a growth wave to 149.07. This is a local target.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF has completed a growth wave to 0.8585. By now, the market has formed a consolidation range around this level and, escaping it upwards, it suggests trend continuation to 0.8684. This is a local target.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD has completed a decline wave to 0.6612. By now, the market has formed a consolidation range around this level and, escaping the range downwards, it continues developing the wave to 0.6523. Once this level is reached, a correction link to 0.6612 could form, followed by a decline to 0.6500.

BRENT

Brent continues forming a consolidation range around 78.60. Escaping the range upwards, the growth wave might extend to 82.82. This is a local target.

XAUUSD, “Gold vs US Dollar”

Gold continues forming a decline wave to 2014.20. Once this level is reached, a narrow consolidation range might develop around it. With an escape from the range downwards, the decline wave to 1967.00 might form, from where the trend could extend to 1940.00.

S&P 500

The stock index continues developing a wave to 4737.0. Once this level is reached, a narrow consolidation range could form. With a downward escape from the range, the wave might contninue to 4705.0. This is a local target.