Technical Analysis & Forecast 23.01.2024

EURUSD, “Euro vs US Dollar”

EURUSD has extended the consolidation range downwards to 1.0875. Today the market is forming a growth link, extending the range to 1.0913. Upon reaching this level, a new decline wave to 1.0838 could begin. This is the first target.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD continues developing a growth structure to 1.2742. This growth is interpreted as a correction of the previous decline wave. Once this correction is over, a new decline wave to 1.2590 is expected to begin. This is the first target.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY continues developing a consolidation range around 148.01. Today the market has extended the range to 148.53 and might drop to 147.36. Once this level is reached, a new growth structure to 149.17 is expected to start.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF continues developing a correction to 0.8585. Once it is over, a new growth wave to 0.8710 is expected to start. This is a local target.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD continues developing a consolidation range around 0.6589. A growth link to 0.6614 is expected to form today. Upon reaching this level, a new decline wave to 0.6498 might start. This is the first target.

BRENT

Brent has formed a growth structure to 80.54. A correction link to 79.55 is not excluded today (a test from above). Next, the growth wave could continue to 81.30, from where the trend might extend to 82.50. This is a local target.

XAUUSD, “Gold vs US Dollar”

Gold continues developing a consolidation range around 2025.25. Today the range could extend to 2040.40. Next, a new decline structure to 1988.00 might begin. This is the first target.

S&P 500

The stock index continues developing a consolidation range around 4851.0 without any obvious trend. With an escape from the range upwards, the growth wave might extend to 4875.0. With an escape downwards, a correction link to 4795.5 could form. Once the correction is over, a new growth structure to 4875.0 is not excluded, followed by a decline to 4715.0. This is the first target.