Technical Analysis & Forecast 19.12.2023

EURUSD, “Euro vs US Dollar”

EURUSD continues developing a consolidation range around 1.0919. An escape from the range upwards could open the potential for a growth wave to 1.0945, from where the trend might continue to 1.1050. With an escape downwards, the potential for a further correction to 1.0882 might open, followed by a rise to 1.0960.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD has completed a corrective wave to 1.2627. A growth link to 1.2700 is expected today. Next, a decline to 1.2666 might follow. Upon reaching this level, a growth structure to 1.2707 could begin. Practically, a wide consolidation range is developing around this level. With an escape downwards, the potential for a decline wave to 1.2500 could open. With an escape upwards, a growth wave to 1.2790 might develop.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY has completed a growth wave to 143.73. A decline link to 141.90 might follow today. With a breakout of this level, the wave could continue to 140.33. This is the first target.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF has completed a decline wave to 0.8666. A consolidation range is forming around this level at the moment. With an escape downwards, the decline wave might extend to 0.8626. Next, a rise to 0.8722 is expected. This is the first target.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD continues developing a consolidation range under 0.6700 without any obvious trend. Exiting the range downwards, the price could correct to 0.6633. Next, a growth link to 0.6740 is expected. Upon reaching this level, the quotes could start a decline wave to 0.6525.

BRENT

Brent has completed a growth impulse to 79.45. A correction link to 75.80 might follow (a test from above). Next, a growth wave to 86.10 might begin. This is a local target.

XAUUSD, “Gold vs US Dollar”

Gold is forming a decline structure to 2010.00. With a breakout of this level as well, the potential for a decline wave to 1950.00 might open. Next, a correction link to 2047.00 is expected (a test from below). Next, a decline to 1855.00 might follow.

S&P 500

The stock index has reached a local target of a growth wave at 4752.0. A decline wave to 4656.0 might begin today. Once the correction is over, a rise to 4767.0 could form.