Technical Analysis & Forecast January 18, 2024
<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/TA_16-360×360.jpg" class="attachment-thumbnail size-thumbnail wp-post-image" alt="Technical Analysis & Forecast" style="margin-bottom: 15px;" decoding="async" loading="lazy" /></div><p><a href="https://roboforex.com/beginners/info/charts/metals/xauusd/" data-internallinksmanager029f6b8e52c="43" title="XAU/USD">Gold</a> Continues Decline: In-Depth Overview 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 S&P 500 Index.</p>
<h2>EUR/USD (Euro vs US Dollar)</h2>
<figure><img loading="lazy" decoding="async" width="1596" height="716" src="https://blog.roboforex.com/wp-content/uploads/2024/01/EURUSDH1-7.png" alt="EUR/USD (Euro vs US Dollar)" class="wp-image-19866" srcset="https://blog.roboforex.com/wp-content/uploads/2024/01/EURUSDH1-7.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/01/EURUSDH1-7-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/01/EURUSDH1-7-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/01/EURUSDH1-7-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption><em>EUR/USD (Euro vs US Dollar)</em></figcaption></figure><p>EUR/USD has concluded a decline wave, reaching 1.0845. The market is currently undergoing a correction to the 1.0910 level (a test from below). Following the correction, a potential new decline wave to the 1.0838 level may initiate. Subsequently, a consolidation range could form, with a downward breakout from the range opening the potential for a decline wave to 1.0733.</p>
<h2>GBP/USD (Great Britain Pound vs US Dollar)</h2>
<figure><img loading="lazy" decoding="async" width="1596" height="716" src="https://blog.roboforex.com/wp-content/uploads/2024/01/GBPUSDH1-7.png" alt="GBP/USD (Great Britain Pound vs US Dollar)" class="wp-image-19867" srcset="https://blog.roboforex.com/wp-content/uploads/2024/01/GBPUSDH1-7.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/01/GBPUSDH1-7-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/01/GBPUSDH1-7-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/01/GBPUSDH1-7-1536×689.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 completed a decline wave to 1.2596. A correction to 1.2677 has been completed, with expectations of a consolidation range around this level. An escape from the range downward could signal a new decline wave to 1.2590, marking 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/USDJPYH1-7.png" alt="USD/JPY (US Dollar vs Japanese Yen)" class="wp-image-19868" srcset="https://blog.roboforex.com/wp-content/uploads/2024/01/USDJPYH1-7.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/01/USDJPYH1-7-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/01/USDJPYH1-7-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/01/USDJPYH1-7-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption><em>USD/JPY (US Dollar vs Japanese Yen)</em></figcaption></figure><p>USD/JPY has concluded a growth wave to 148.50. A correction to 146.77 is anticipated today. Following the correction, a growth wave to 149.17 might form, 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="1596" height="716" src="https://blog.roboforex.com/wp-content/uploads/2024/01/USDCHFH4-4.png" alt="USD/CHF (US Dollar vs Swiss Franc)" class="wp-image-19873" srcset="https://blog.roboforex.com/wp-content/uploads/2024/01/USDCHFH4-4.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/01/USDCHFH4-4-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/01/USDCHFH4-4-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/01/USDCHFH4-4-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption><em>USD/CHF (US Dollar vs Swiss Franc)</em></figcaption></figure><p>USD/CHF has completed a growth wave to 0.8684. Currently correcting to 0.8585 (a test from above), a subsequent rise to 0.8705 is expected, constituting 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/AUDUSDH1-7.png" alt="AUD/USD (Australian Dollar vs US Dollar)" class="wp-image-19869" srcset="https://blog.roboforex.com/wp-content/uploads/2024/01/AUDUSDH1-7.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/01/AUDUSDH1-7-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/01/AUDUSDH1-7-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/01/AUDUSDH1-7-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption><em>AUD/USD (Australian Dollar vs US Dollar)</em></figcaption></figure><p>AUD/USD has completed a decline wave to 0.6625. A consolidation range has formed above this level. A corrective escape upward to 0.6610 is possible (a test from below). Subsequently, a decline to 0.6498 might follow, marking 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/BRENTH4-7.png" alt="BRENT" class="wp-image-19872" srcset="https://blog.roboforex.com/wp-content/uploads/2024/01/BRENTH4-7.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/01/BRENTH4-7-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/01/BRENTH4-7-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/01/BRENTH4-7-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption><em>BRENT</em></figcaption></figure><p>Brent has completed a new correction wave to 76.55. The market is currently forming a growth structure to 79.30. An upward breakout from this level could open the potential for a wave to 82.82, marking 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/XAUUSDH4-7.png" alt="XAU/USD (Gold vs US Dollar)" class="wp-image-19870" srcset="https://blog.roboforex.com/wp-content/uploads/2024/01/XAUUSDH4-7.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/01/XAUUSDH4-7-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/01/XAUUSDH4-7-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/01/XAUUSDH4-7-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption><em>XAU/USD (Gold vs US Dollar)</em></figcaption></figure><p>Gold has formed a consolidation range around 2025.25 and, breaking out of the range downwards, continues the decline wave to 1988.00. Following this level, a correction to 2025.25 might follow (a test from below).</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/US500CashH1-6.png" alt="S&P 500" class="wp-image-19871" srcset="https://blog.roboforex.com/wp-content/uploads/2024/01/US500CashH1-6.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/01/US500CashH1-6-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/01/US500CashH1-6-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/01/US500CashH1-6-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption><em>S&P 500</em></figcaption></figure><p>The stock index has formed a consolidation range around 4739.0. The market has extended the range downwards to 4714.4, technically returning to 4739.0 (a test from below). A decline wave to 4696.0 is expected, marking a local target. Subsequently, a correction to 4720.0 and a decline to 4677.5 could follow, constituting the first target.</p>
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