Technical Analysis & Forecast January 30, 2024
<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/TA_24-360×360.jpg" class="attachment-thumbnail size-thumbnail wp-post-image" alt="Technical Analysis & Forecast" style="margin-bottom: 15px;" decoding="async" loading="lazy" /></div><p>Gold appears to be consolidating before initiating a new downward trend. This overview encompasses the dynamics of various currencies, including <a href="https://roboforex.com/beginners/info/charts/forex/eurusd/" data-internallinksmanager029f6b8e52c="35" title="EUR/USD">EUR</a>, <a href="https://roboforex.com/beginners/info/charts/forex/gbpusd/" data-internallinksmanager029f6b8e52c="36" title="GBP/USD">GBP</a>, <a href="https://roboforex.com/beginners/info/charts/forex/usdjpy/" data-internallinksmanager029f6b8e52c="40" title="USD/JPY">JPY</a>, <a href="https://roboforex.com/beginners/info/charts/forex/usdchf/" data-internallinksmanager029f6b8e52c="39" title="USD/CHF">CHF</a>, <a href="https://roboforex.com/beginners/info/charts/forex/audusd/" data-internallinksmanager029f6b8e52c="33" title="AUD/USD">AUD</a>, <a href="https://roboforex.com/forex-trading/assets/soft-commodities/" data-internallinksmanager029f6b8e52c="46" title="Commodities">commodities</a> like <a href="https://roboforex.com/beginners/info/charts/energies/brent/" data-internallinksmanager029f6b8e52c="312" title="Brent">Brent</a> and Gold (<a href="https://roboforex.com/beginners/info/charts/metals/xauusd/" data-internallinksmanager029f6b8e52c="43" title="XAU/USD">XAU/USD</a>), and the S&P 500 index.</p>
<h2>EUR/USD (Euro vs US Dollar)</h2>
<figure><img decoding="async" width="1596" height="716" src="https://blog.roboforex.com/wp-content/uploads/2024/01/EURUSDH1-15.png" alt="EUR/USD (Euro vs US Dollar)" class="wp-image-20021" srcset="https://blog.roboforex.com/wp-content/uploads/2024/01/EURUSDH1-15.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/01/EURUSDH1-15-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/01/EURUSDH1-15-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/01/EURUSDH1-15-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption><em>EUR/USD (Euro vs US Dollar)</em></figcaption></figure><p>The EUR/USD pair has completed a downward wave to 1.0795. Today, the market is undergoing a correction wave towards 1.0850. Once this level is reached, an anticipated continuation of the downward wave to 1.0790 is expected—a local target.</p>
<h2>GBP/USD (Great Britain Pound vs US Dollar)</h2>
<figure><img decoding="async" width="1596" height="716" src="https://blog.roboforex.com/wp-content/uploads/2024/01/GBPUSDH1-15.png" alt="GBP/USD (Great Britain Pound vs US Dollar)" class="wp-image-20022" srcset="https://blog.roboforex.com/wp-content/uploads/2024/01/GBPUSDH1-15.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/01/GBPUSDH1-15-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/01/GBPUSDH1-15-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/01/GBPUSDH1-15-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption><em>GBP/USD (Great Britain Pound vs US Dollar)</em></figcaption></figure><p>GBP/USD has concluded a downward wave to 1.2662. A correction to 1.2730 is currently forming. Following the correction, a new downward wave to 1.2650 is anticipated, potentially extending the trend to 1.2575.</p>
<h2>USD/JPY (US Dollar vs Japanese Yen)</h2>
<figure><img loading="lazy" decoding="async" width="1596" height="716" src="https://blog.roboforex.com/wp-content/uploads/2024/01/USDJPYH1-15.png" alt="USD/JPY (US Dollar vs Japanese Yen)" class="wp-image-20023" srcset="https://blog.roboforex.com/wp-content/uploads/2024/01/USDJPYH1-15.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/01/USDJPYH1-15-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/01/USDJPYH1-15-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/01/USDJPYH1-15-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption><em>USD/JPY (US Dollar vs Japanese Yen)</em></figcaption></figure><p>The USD/JPY pair has corrected to 147.65. A consolidation range has formed around this level, and another potential downward structure to 146.96 is not excluded. Subsequently, a rise to 148.82 is expected—a local target.</p>
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<h2>USD/CHF (US Dollar vs Swiss Franc)</h2>
<figure><img loading="lazy" decoding="async" width="1596" height="716" src="https://blog.roboforex.com/wp-content/uploads/2024/01/USDCHFH4-12.png" alt="USD/CHF (US Dollar vs Swiss Franc)" class="wp-image-20024" srcset="https://blog.roboforex.com/wp-content/uploads/2024/01/USDCHFH4-12.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/01/USDCHFH4-12-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/01/USDCHFH4-12-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/01/USDCHFH4-12-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption><em>USD/CHF (US Dollar vs Swiss Franc)</em></figcaption></figure><p>USD/CHF is in the process of developing a consolidation range above 0.8607. A potential upward movement to 0.8690 might occur today. If this level is breached, there is potential for a growth wave to 0.8760—a local target.</p>
<h2>AUD/USD (Australian Dollar vs US Dollar)</h2>
<figure><img loading="lazy" decoding="async" width="1596" height="716" src="https://blog.roboforex.com/wp-content/uploads/2024/01/AUDUSDH1-15.png" alt="AUD/USD (Australian Dollar vs US Dollar)" class="wp-image-20025" srcset="https://blog.roboforex.com/wp-content/uploads/2024/01/AUDUSDH1-15.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/01/AUDUSDH1-15-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/01/AUDUSDH1-15-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/01/AUDUSDH1-15-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption><em>AUD/USD (Australian Dollar vs US Dollar)</em></figcaption></figure><p>The AUD/USD pair is currently forming a consolidation range around 0.6594. The market has extended the range upwards to 0.6623. A potential downward movement to 0.6594 could follow today. Next, a new correction wave to 0.6636 is not excluded, with a possible decline to 0.6555—a local target.</p>
<h2>BRENT</h2>
<figure><img loading="lazy" decoding="async" width="1596" height="716" src="https://blog.roboforex.com/wp-content/uploads/2024/01/BRENTH1-7.png" alt="BRENT" class="wp-image-20026" srcset="https://blog.roboforex.com/wp-content/uploads/2024/01/BRENTH1-7.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/01/BRENTH1-7-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/01/BRENTH1-7-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/01/BRENTH1-7-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption><em>BRENT</em></figcaption></figure><p>Brent has completed a correction structure to 81.90. Currently, a consolidation range is forming above this level. A breakout from the range upwards might continue the growth wave to 84.22. Upon reaching this level, a potential correction to 83.40 is not excluded. Subsequently, the trend might extend to 85.55—a local target.</p>
<h2>XAU/USD (Gold vs US Dollar)</h2>
<figure><img loading="lazy" decoding="async" width="1596" height="716" src="https://blog.roboforex.com/wp-content/uploads/2024/01/XAUUSDH4-15.png" alt="XAU/USD (Gold vs US Dollar)" class="wp-image-20027" srcset="https://blog.roboforex.com/wp-content/uploads/2024/01/XAUUSDH4-15.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/01/XAUUSDH4-15-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/01/XAUUSDH4-15-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/01/XAUUSDH4-15-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption><em>XAU/USD (Gold vs US Dollar)</em></figcaption></figure><p>Gold continues developing a consolidation range around 2022.22. A potential upward movement to 2040.90 might occur today, followed by a potential downward movement to 2005.55. After breaking below this level, a new downward structure to 1991.10 could follow, potentially extending the trend to 1976.50.</p>
<h2>S&P 500</h2>
<figure><img loading="lazy" decoding="async" width="1596" height="716" src="https://blog.roboforex.com/wp-content/uploads/2024/01/US500CashH1-14.png" alt="S&P 500" class="wp-image-20028" srcset="https://blog.roboforex.com/wp-content/uploads/2024/01/US500CashH1-14.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/01/US500CashH1-14-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/01/US500CashH1-14-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/01/US500CashH1-14-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption><em>S&P 500</em></figcaption></figure><p>The stock index is in the process of developing a consolidation range around 4880.0. A breakout from the range upwards might extend the growth structure to 4936.6. Next, a potential downward wave to 4860.0 might begin. If this level is breached, there is potential for a wave to 4785.0—a first target.</p>
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