Technical Analysis & Forecast January 16, 2024
<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/TA_14-360×360.jpg" class="attachment-thumbnail size-thumbnail wp-post-image" alt="Technical Analysis & Forecast" style="margin-bottom: 15px;" decoding="async" loading="lazy" /></div><p>The S&P 500 Index Initiates a Decline. This technical analysis covers the evolving dynamics 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/energies/brent/" data-internallinksmanager029f6b8e52c="312" title="Brent">Brent</a>, and <a href="https://roboforex.com/beginners/info/charts/metals/xauusd/" data-internallinksmanager029f6b8e52c="43" title="XAU/USD">Gold</a> alongside the current movement of 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/EURUSDH1-6.png" alt="EUR/USD (Euro vs US Dollar)" class="wp-image-19832" srcset="https://blog.roboforex.com/wp-content/uploads/2024/01/EURUSDH1-6.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/01/EURUSDH1-6-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/01/EURUSDH1-6-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/01/EURUSDH1-6-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption>EUR/USD (Euro vs US Dollar)</figcaption></figure><p>EUR/USD has broken below the 1.0950 level and is extending the range to the lower boundary, targeting 1.0913. Upon reaching this level, a potential new consolidation range might form below it. An upward breakout from the range could lead to a growth structure to 1.0950, while a downward breakout holds the potential for a decline wave to 1.0877, constituting 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/GBPUSDH1-5.png" alt="GBP/USD (Great Britain Pound vs US Dollar)" class="wp-image-19839" srcset="https://blog.roboforex.com/wp-content/uploads/2024/01/GBPUSDH1-5.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/01/GBPUSDH1-5-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/01/GBPUSDH1-5-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/01/GBPUSDH1-5-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption>GBP/USD (Great Britain Pound vs US Dollar)</figcaption></figure><p>GBP/USD has breached the 1.2727 level downward and is continuing its decline toward the lower boundary of the consolidation range, targeting 1.2667. Upon reaching this level, a potential new consolidation range might form. An upward breakout could result in a growth structure to 1.2727, while a downward breakout might extend the decline wave to 1.2608, serving as a local target.</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/USDJPYH1-5.png" alt="USD/JPY (US Dollar vs Japanese Yen)" class="wp-image-19833" srcset="https://blog.roboforex.com/wp-content/uploads/2024/01/USDJPYH1-5.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/01/USDJPYH1-5-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/01/USDJPYH1-5-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/01/USDJPYH1-5-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption>USD/JPY (US Dollar vs Japanese Yen)</figcaption></figure><p>USD/JPY is in the process of developing a growth wave to 146.30. Subsequently, a decline to 145.30 is expected. If this level is also breached downward, the potential for a decline to 144.08 might unfold, constituting 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/USDCHFH4-2.png" alt="USD/CHF (US Dollar vs Swiss Franc)" class="wp-image-19834" srcset="https://blog.roboforex.com/wp-content/uploads/2024/01/USDCHFH4-2.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/01/USDCHFH4-2-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/01/USDCHFH4-2-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/01/USDCHFH4-2-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption>USD/CHF (US Dollar vs Swiss Franc)</figcaption></figure><p>USD/CHF is continuing its growth structure toward 0.8580. Once this level is reached, a potential drop to 0.8530 may occur, forming a new consolidation range. An upward breakout from the range could extend the wave to 0.8700, constituting a local target. Conversely, a downward breakout might continue the correction to 0.8455, followed by a rise to 0.8700.</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/AUDUSDH1-5.png" alt="AUD/USD (Australian Dollar vs US Dollar)" class="wp-image-19835" srcset="https://blog.roboforex.com/wp-content/uploads/2024/01/AUDUSDH1-5.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/01/AUDUSDH1-5-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/01/AUDUSDH1-5-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/01/AUDUSDH1-5-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption>AUD/USD (Australian Dollar vs US Dollar)</figcaption></figure><p>AUD/USD has concluded a decline wave to 0.6612, with a consolidation range forming around this level. An upward breakout from the range could lead to a correction to 0.6657, while a downward breakout might continue the decline wave to 0.6588.</p>
<h2>BRENT</h2>
<figure><img loading="lazy" decoding="async" width="1596" height="716" src="https://blog.roboforex.com/wp-content/uploads/2024/01/BRENTH4-5.png" alt="BRENT" class="wp-image-19836" srcset="https://blog.roboforex.com/wp-content/uploads/2024/01/BRENTH4-5.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/01/BRENTH4-5-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/01/BRENTH4-5-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/01/BRENTH4-5-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption>BRENT</figcaption></figure><p>Brent has completed a correction to 76.88, with the growth wave extending to 79.30. From there, the trend might continue to 82.00, constituting a local target. Subsequently, a decline to 79.30 (a test from above) and a rise to 82.82 might follow.</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/XAUUSDH4-5.png" alt="XAU/USD (Gold vs US Dollar)" class="wp-image-19837" srcset="https://blog.roboforex.com/wp-content/uploads/2024/01/XAUUSDH4-5.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/01/XAUUSDH4-5-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/01/XAUUSDH4-5-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/01/XAUUSDH4-5-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption>XAU/USD (Gold vs US Dollar)</figcaption></figure><p>Gold is continuing its correction to 2042.77. Once this level is reached, a potential growth wave to 2073.00 is not excluded, followed by a new correction to 2042.77 and a rise to 2131.77, marking the first target.</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/US500CashH1-4.png" alt="S&P 500" class="wp-image-19838" srcset="https://blog.roboforex.com/wp-content/uploads/2024/01/US500CashH1-4.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/01/US500CashH1-4-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/01/US500CashH1-4-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/01/US500CashH1-4-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption>S&P 500</figcaption></figure><p>The stock index has broken below the 4770.0 level, with the decline wave expected to continue to the lower boundary of the consolidation range, targeting 4737.7. Upon reaching this level, a correction to 4770.0 is not excluded, followed by a decline to 4705.0, serving as a local target.</p>
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