Technical Analysis & Forecast January 19, 2024
<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/TA_17-360×360.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/energies/brent/" data-internallinksmanager029f6b8e52c="312" title="Brent">Brent</a> continues its upward trajectory. This overview also encompasses 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="1596" height="716" src="https://blog.roboforex.com/wp-content/uploads/2024/01/EURUSDH1-8.png" alt="EUR/USD (Euro vs US Dollar)" class="wp-image-19896" srcset="https://blog.roboforex.com/wp-content/uploads/2024/01/EURUSDH1-8.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/01/EURUSDH1-8-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/01/EURUSDH1-8-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/01/EURUSDH1-8-1536×689.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 downward structure reaching 1.0845. The market has subsequently corrected to 1.0888 (testing from below). Anticipate a renewed downward wave to 1.0838, potentially forming a consolidation range afterward. A breakout downward could pave the way for a decline 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/GBPUSDH1-8.png" alt="GBP/USD (Great Britain Pound vs US Dollar)" class="wp-image-19895" srcset="https://blog.roboforex.com/wp-content/uploads/2024/01/GBPUSDH1-8.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/01/GBPUSDH1-8-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/01/GBPUSDH1-8-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/01/GBPUSDH1-8-1536×689.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 corrective wave to 1.2711. Currently, the market is establishing a consolidation range below this level. A downward breakout might trigger a new decline wave to 1.2646, and if this level is breached, the trend may persist towards 1.2433. This serves 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/USDJPYH1-8.png" alt="USD/JPY (US Dollar vs Japanese Yen)" class="wp-image-19894" srcset="https://blog.roboforex.com/wp-content/uploads/2024/01/USDJPYH1-8.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/01/USDJPYH1-8-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/01/USDJPYH1-8-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/01/USDJPYH1-8-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption><em>USD/JPY (US Dollar vs Japanese Yen)</em></figcaption></figure><p>USD/JPY has finished a growth wave reaching 148.44. A correction to 148.08 is plausible today. Following the correction, a new growth wave to 149.19 could unfold, 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/USDCHFH4-5.png" alt="USD/CHF (US Dollar vs Swiss Franc)" class="wp-image-19893" srcset="https://blog.roboforex.com/wp-content/uploads/2024/01/USDCHFH4-5.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/01/USDCHFH4-5-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/01/USDCHFH4-5-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/01/USDCHFH4-5-1536×689.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 reaching 0.8693. Presently, the market is forming a consolidation range around this level. A potential correction to 0.8633 might occur, followed by an ascent to 0.8705 as 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/AUDUSDH1-8.png" alt="AUD/USD (Australian Dollar vs US Dollar)" class="wp-image-19892" srcset="https://blog.roboforex.com/wp-content/uploads/2024/01/AUDUSDH1-8.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/01/AUDUSDH1-8-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/01/AUDUSDH1-8-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/01/AUDUSDH1-8-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption><em>AUD/USD (Australian Dollar vs US Dollar)</em></figcaption></figure><p>AUD/USD has concluded a corrective wave to 0.6588. The market is currently shaping a consolidation range below this level. An extension of the range to 0.6590 is feasible, followed by an ascent to 0.6545. A downward breakout may lead to a potential wave to 0.6498.</p>
<h2>BRENT</h2>
<figure><img loading="lazy" decoding="async" width="1596" height="716" src="https://blog.roboforex.com/wp-content/uploads/2024/01/BRENTH4-8.png" alt="BRENT" class="wp-image-19891" srcset="https://blog.roboforex.com/wp-content/uploads/2024/01/BRENTH4-8.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/01/BRENTH4-8-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/01/BRENTH4-8-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/01/BRENTH4-8-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption><em>BRENT</em></figcaption></figure><p>Brent has completed an upward structure to 79.34. Currently, the market is establishing a consolidation range below this level. A correction link to 78.70 is plausible. Subsequently, a new upward structure to 82.12 might form, with the potential for the trend to continue towards 82.82, representing 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/XAUUSDH4-8.png" alt="XAU/USD (Gold vs US Dollar)" class="wp-image-19890" srcset="https://blog.roboforex.com/wp-content/uploads/2024/01/XAUUSDH4-8.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/01/XAUUSDH4-8-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/01/XAUUSDH4-8-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/01/XAUUSDH4-8-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption><em>XAU/USD (Gold vs US Dollar)</em></figcaption></figure><p>Gold has formed a downward structure to 2001.75. Upon reaching this level, a correction to 2025.25 might follow (testing from below). Today, a new downward structure to 1988.05 could develop, serving as a local 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/US500CashH1-7.png" alt="S&P 500" class="wp-image-19889" srcset="https://blog.roboforex.com/wp-content/uploads/2024/01/US500CashH1-7.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/01/US500CashH1-7-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/01/US500CashH1-7-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/01/US500CashH1-7-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption><em>S&P 500</em></figcaption></figure><p>The stock index has formed a correction to 4784.7. The initiation of a new downward wave to 4713.3 might occur today, representing the first target. Upon reaching this level, a potential correction to 4748.8 is plausible, followed by a decline to 4677.5, serving as a local target.</p>
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