Technical Analysis & Forecast 29.12.2023

EURUSD, “Euro vs US Dollar”

EURUSD has completed the first decline impulse to 1.1073 and a correction to 1.1112. When the correction was over, the structure of a new decline wave to 1.1055 started. Practically, the low of the first decrease wave is broken. A consolidation range is expected to develop today around 1.1055. With an escape from the range downwards, the decline wave might extend to 1.1020. This is a local target.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD has completed a decline wave to 1.2712. A correction to 1.2773 might develop today. Once the correction is over, a decline to 1.2710 is expected. And when this level also breaks, the potential for a decline to 1.2648 might open. This is a local target.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY has completed a growth impulse to 141.66. A correction link to 140.90 is expected today. Once the correction is over, a new decline wave to 142.45 might start. This is a local target.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF is forming a growth wave structure to 0.8462. Once the price reaches this level, a correction to 0.8396 might develop, followed by a rise to 0.8480. And if this level also breaks, the trend could continue to 0.8565. This is a local target.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD has completed a growth wave to 0.6824 and a correction to 0.6863. A decline wave to 0.6817 is expected today. And if this level also breaks, the wave could continue to 0.6777. This is a local target.

BRENT

Brent continues developing a correction to 76.90. Once it is over, a rise to 83.15 might follow. And if this level also breaks, the potential for a growth wave to 89.50 could open. This is a local target.

XAUUSD, “Gold vs US Dollar”

Gold is forming a correction link to 2052.10. Once the correction is over, a growth link to 2118.50 is expected. Next, a new decline wave to 1974.30 could begin. This is a local target.

S&P 500

The stock index continues developing a consolidation range around 4788.0 without any obvious trend. Today the range might extend to 4805.0, after which a decline wave to 4772.0 might follow. With a breakout of this level downwards as well, the potential for a wave to 4696.0 could open. This is the first target.

Our analytics team will be back on 9 January 2024 with the latest overviews and forecasts. Happy Holidays!