Technical Analysis & Forecast 19.01.2024

EURUSD, “Euro vs US Dollar”

EURUSD has completed a decline structure to 1.0845. Today the market has corrected to 1.0888 (a test from below). Next, a new decline wave to 1.0838 is expected, after which a cosolidation range might form. With an escape downwards, the potential for a decline wave to 1.0733 could open.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD has completed a correction wave to 1.2711. Today the market is forming a consolidation range under this level. With an escape downwards, a new decline wave to 1.2646 might open. And if this level also breaks, 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 148.44. A correction to 148.08 is not excluded today. Once it is over, a growth wave to 149.19 could develop. This is a local target.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF has completed a growth wave to 0.8693. Currently, the market is forming a consolidation range around this level. A correction link to 0.8633 is not excluded, followed by a rise to 0.8705. This is a local target.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD has completed a correction wave to 0.6588. Today the market is forming a consolidation range under this level. The range extension to 0.6590 is not excluded, followed by a rise to 0.6545. And if this level also breaks downwards, the potential for a wave to 0.6498 might open.

BRENT

Brent has completed a growth structure to 79.34. Today the market is forming a consolidation range under this level. A correction link to 78.70 is not excluded. Next, a growth link to 82.12 might form, from where the trend could continue to 82.82. This is a local target.

XAUUSD, “Gold vs US Dollar”

Gold has formed a decline structure to 2001.75. Once this level is reached, a correction to 2025.25 might follow (a test from below). Today a new decline structure to 1988.05 could develop. This is a local target.

S&P 500

The stock index has formed a correction to 4784.7. A new decline wave to 4713.3 might start forming today. This is the first target. Once this level is reached, a correction link to 4748.8 is not excluded, followed by a decline to 4677.5. This is a local target.