Technical Analysis & Forecast 18.01.2024

EURUSD, “Euro vs US Dollar”

EURUSD has completed a decline wave to 1.0845. Today the market is forming a correction to the 1.0910 level (a test from below). Once the correction is over, a new decline wave to the 1.0838 level might begin. Next, a consolidation range might form; with a downward escape from the range, the potential for a decline wave to 1.0733 could open.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD has completed a decline wave to 1.2596. Today the market has completed a correction to 1.2677. A consolidation range is expected to form around this level. With an escape from the range downwards, a new decline wave to 1.2590 might start. This is a local target.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY has completed a growth wave to 148.50. A correction to 146.77 is expected to develop today. Once the correction is over, a growth wave to 149.17 might form. This is a local target.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF has completed a growth wave to 0.8684. At the moment, the market is correcting to 0.8585 (a test from above). Next, a rise to 0.8705 could follow. This is a local target.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD has completed a decline wave to 0.6625. By now, a consolidation range has formed above this level. A corrective escape upwards to 0.6610 is not excluded (a test from below). Next, a decline to 0.6498 might follow. This is a local target,

BRENT

Brent has completed a new correction wave to 76.55. Today the market is forming a growth structure to 79.30. And if this level also breaks upwards, the potential for a wave to 82.82 might open. This is a local target.

XAUUSD, “Gold vs US Dollar”

Gold has formed a consolidation range around 2025.25 and, escaping the range downwards, continues the decline wave to 1988.00. Once this level is reached, a correction to 2025.25 might follow (a test from below).

S&P 500

The stock index has formed a consolidation range around 4739.0. By now, the market has extended the range downwards to 4714.4, technically returning to 4739.0 (a test from below). A decline wave to 4696.0 is expected. This is a local target. Next, a correction to 4720.0 and a decline to 4677.5 could follow. This is the first target.