Technical Analysis & Forecast December 12, 2023
<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/TA_19-360×360.jpg" class="attachment-thumbnail size-thumbnail wp-post-image" alt="Technical Analysis & Forecast" style="margin-bottom: 15px;" decoding="async" loading="lazy" /></div><p>Brent is continuing its upward <a href="https://blog.roboforex.com/blog/2019/11/12/momentum-efficient-oscillator-or-trend-indicator/" data-internallinksmanager029f6b8e52c="96" title="Momentum">momentum</a>. The analysis also covers the movements of <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/beginners/info/charts/metals/xauusd/" data-internallinksmanager029f6b8e52c="43" title="XAU/USD">Gold</a>, and the S&P 500 index.</p>
<h2>EUR/USD (Euro vs US Dollar)</h2>
<figure><img loading="lazy" decoding="async" width="1567" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/12/EURUSDH1-2.png" alt="EUR/USD (Euro vs US Dollar)" class="wp-image-19468" srcset="https://blog.roboforex.com/wp-content/uploads/2023/12/EURUSDH1-2.png 1567w, https://blog.roboforex.com/wp-content/uploads/2023/12/EURUSDH1-2-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/12/EURUSDH1-2-768×346.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/12/EURUSDH1-2-1536×691.png 1536w" sizes="(max-width: 1567px) 100vw, 1567px" /><figcaption>EUR/USD (Euro vs US Dollar)</figcaption></figure><p>EUR/USD is currently consolidating within the range of 1.0770. In case of an upward breakout, a correction towards 1.0800 is plausible. Conversely, if the range is broken downwards, it could lead to a decline to 1.0705. If this level is breached, the trend might persist towards 1.0600, marking the initial target.</p>
<h2>GBP/USD (Great Britain Pound vs US Dollar)</h2>
<figure><img loading="lazy" decoding="async" width="1567" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/12/GBPUSDH1-2.png" alt="GBP/USD (Great Britain Pound vs US Dollar)" class="wp-image-19469" srcset="https://blog.roboforex.com/wp-content/uploads/2023/12/GBPUSDH1-2.png 1567w, https://blog.roboforex.com/wp-content/uploads/2023/12/GBPUSDH1-2-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/12/GBPUSDH1-2-768×346.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/12/GBPUSDH1-2-1536×691.png 1536w" sizes="(max-width: 1567px) 100vw, 1567px" /><figcaption>GBP/USD (Great Britain Pound vs US Dollar)</figcaption></figure><p>GBP/USD is in the process of forming a consolidation range around 1.2555. A potential rise to 1.2595 is conceivable, followed by a decline to 1.2470, constituting the first target. Subsequently, a correction towards 1.2595 could occur (a test from below).</p>
<h2>USD/JPY (US Dollar vs Japanese Yen)</h2>
<figure><img loading="lazy" decoding="async" width="1567" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/12/USDJPYH1-2.png" alt="USD/JPY (US Dollar vs Japanese Yen)" class="wp-image-19470" srcset="https://blog.roboforex.com/wp-content/uploads/2023/12/USDJPYH1-2.png 1567w, https://blog.roboforex.com/wp-content/uploads/2023/12/USDJPYH1-2-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/12/USDJPYH1-2-768×346.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/12/USDJPYH1-2-1536×691.png 1536w" sizes="(max-width: 1567px) 100vw, 1567px" /><figcaption>USD/JPY (US Dollar vs Japanese Yen)</figcaption></figure><p>USD/JPY has completed an upward structure to 146.57. A correction to 144.88 (a test from above) might happen today. Following this, a new upward structure to 147.30 is plausible, representing a local target.</p>
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<h2>USD/CHF (US Dollar vs Swiss Franc)</h2>
<figure><img loading="lazy" decoding="async" width="1567" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/12/USDCHFH1-2.png" alt="USD/CHF (US Dollar vs Swiss Franc)" class="wp-image-19471" srcset="https://blog.roboforex.com/wp-content/uploads/2023/12/USDCHFH1-2.png 1567w, https://blog.roboforex.com/wp-content/uploads/2023/12/USDCHFH1-2-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/12/USDCHFH1-2-768×346.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/12/USDCHFH1-2-1536×691.png 1536w" sizes="(max-width: 1567px) 100vw, 1567px" /><figcaption>USD/CHF (US Dollar vs Swiss Franc)</figcaption></figure><p>USD/CHF has corrected to 0.8767, with expectations of a consolidation range forming around this level. A downside breakout could extend the correction to 0.8727. Conversely, an upside breakout might propel the growth wave to 0.8825, furthering the trend to 0.8880, marking the initial target.</p>
<h2>AUD/USD (Australian Dollar vs US Dollar)</h2>
<figure><img loading="lazy" decoding="async" width="1567" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/12/AUDUSDH1-2.png" alt="AUD/USD (Australian Dollar vs US Dollar)" class="wp-image-19472" srcset="https://blog.roboforex.com/wp-content/uploads/2023/12/AUDUSDH1-2.png 1567w, https://blog.roboforex.com/wp-content/uploads/2023/12/AUDUSDH1-2-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/12/AUDUSDH1-2-768×346.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/12/AUDUSDH1-2-1536×691.png 1536w" sizes="(max-width: 1567px) 100vw, 1567px" /><figcaption>AUD/USD (Australian Dollar vs US Dollar)</figcaption></figure><p>AUD/USD has completed a descending wave to 0.6550. Today, an ascending link to 0.6595 has materialized, leading to the formation of a wide consolidation range around 0.6570. A downward breakout could lead to a decline to 0.6490, while an upward breakout might extend the correction to 0.6650. Subsequently, a downward trend could persist to 0.6490.</p>
<h2>BRENT</h2>
<figure><img loading="lazy" decoding="async" width="1567" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/12/BRENTH1-1.png" alt="BRENT" class="wp-image-19473" srcset="https://blog.roboforex.com/wp-content/uploads/2023/12/BRENTH1-1.png 1567w, https://blog.roboforex.com/wp-content/uploads/2023/12/BRENTH1-1-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/12/BRENTH1-1-768×346.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/12/BRENTH1-1-1536×691.png 1536w" sizes="(max-width: 1567px) 100vw, 1567px" /><figcaption>BRENT</figcaption></figure><p>Brent has concluded a correction to 74.94, followed by an upward link to 76.40. An anticipated breakout upwards might extend the growth wave to 77.44, furthering the trend to 80.00, representing a local target.</p>
<h2>XAU/USD (Gold vs US Dollar)</h2>
<figure><img loading="lazy" decoding="async" width="1567" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/12/XAUUSDH4-2.png" alt="XAU/USD (Gold vs US Dollar)" class="wp-image-19474" srcset="https://blog.roboforex.com/wp-content/uploads/2023/12/XAUUSDH4-2.png 1567w, https://blog.roboforex.com/wp-content/uploads/2023/12/XAUUSDH4-2-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/12/XAUUSDH4-2-768×346.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/12/XAUUSDH4-2-1536×691.png 1536w" sizes="(max-width: 1567px) 100vw, 1567px" /><figcaption>XAU/USD (Gold vs US Dollar)</figcaption></figure><p>Gold has finalized a downward wave to 1976.40. Today, a correction link to 2007.20 (a test from below) could transpire. Post-correction, the downward wave might extend to 1948.00, furthering the trend to 1907.55, marking the initial target.</p>
<h2>S&P 500</h2>
<figure><img loading="lazy" decoding="async" width="1567" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/12/US500CashH1-2.png" alt="S&P 500" class="wp-image-19475" srcset="https://blog.roboforex.com/wp-content/uploads/2023/12/US500CashH1-2.png 1567w, https://blog.roboforex.com/wp-content/uploads/2023/12/US500CashH1-2-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/12/US500CashH1-2-768×346.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/12/US500CashH1-2-1536×691.png 1536w" sizes="(max-width: 1567px) 100vw, 1567px" /><figcaption>S&P 500</figcaption></figure><p>The stock index has formed a consolidation range around 4609.0. There's a likelihood of extending the growth structure to 4638.0, with an upward breakout from the range. Following this, a decline wave to 4583.0 could initiate, marking the first target.</p>
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