Technical Analysis & Forecast 24.01.2024

EURUSD, “Euro vs US Dollar”

EURUSD has completed a decline wave, reaching 1.0821. Today it experienced growth momentum towards 1.0845. A narrow consolidation range has formed, and by breaking it upwards, the market continues a corrective wave to 1.0866. After the price reaches this level, a decline to 1.0845 could follow (a test from above). Subsequently, the price could rise to 1.0870 and drop to 1.0810.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD has completed a decline wave to 1.2648. The market is correcting the decline today, with the correction target at 1.2713. Following the correction, the price is expected to fall to 1.2589. This is a local target.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY has completed a growth wave, reaching 148.69. A correction towards 147.77 has formed today. Another growth structure is expected to develop, targeting 149.17. Once the price hits this level, a decline wave to 147.00 could start.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF has completed a growth wave to 0.8727. A consolidation range could form below this level today. A downward breakout will open the potential for a corrective decline to 0.8605, followed by an upward movement to 0.8763.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD has completed a decline wave to 0.6550, with the market undergoing a correction to 0.6585 today. A new decline wave targeting 0.6537 could start at the moment. This is a local target.

BRENT

Brent has undergone a correction to 79.55. The market now continues to develop a consolidation range around this level. With an upward breakout, another growth wave to 80.82 could develop, potentially extending to 81.30. This is a local target.

XAUUSD, “Gold vs US Dollar”

Gold is currently in a consolidation phase around 2022.22 without any clear trend. Today the range could expand to 2040.40. Subsequently, a new decline structure could form, targeting 1988.00. This is the first target.

S&P 500

The stock index has expanded a consolidation range upwards, reaching 4879.0. Nearly the entire estimated potential for growth has been reached. A new consolidation range is expected to develop around this level. With an upward breakout, the wave could continue to 4900.0. With a downward breakout, a new decline wave to 4795.0 could start. This is the first target.