Technical Analysis & Forecast January 22, 2024

<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/TA_18-360×360.jpg" class="attachment-thumbnail size-thumbnail wp-post-image" alt="Technical Analysis &amp; 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> Prepares for Correction Ahead of Decline – Analysis 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&amp;P 500 Index Included.</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/EURUSDH1-9.png" alt="EUR/USD (Euro vs US Dollar)" class="wp-image-19910" srcset="https://blog.roboforex.com/wp-content/uploads/2024/01/EURUSDH1-9.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/01/EURUSDH1-9-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/01/EURUSDH1-9-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/01/EURUSDH1-9-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption><em>EUR/USD (Euro vs US Dollar)</em></figcaption></figure><p>EUR/USD is in the midst of a correction, having reached the local target at 1.0908. Anticipate a decline to 1.0880, followed by a subsequent rise to 1.0913. Upon completing the correction, another decline link to 1.0838 might initiate.</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/GBPUSDH1-9.png" alt="GBP/USD (Great Britain Pound vs US Dollar)" class="wp-image-19911" srcset="https://blog.roboforex.com/wp-content/uploads/2024/01/GBPUSDH1-9.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/01/GBPUSDH1-9-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/01/GBPUSDH1-9-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/01/GBPUSDH1-9-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption><em>GBP/USD (Great Britain Pound vs US Dollar)</em></figcaption></figure><p>GBP/USD is consolidating around 1.2668, potentially expanding the range to 1.2742. This movement serves as a correction for the initial decline wave. After concluding this correction, a new upward wave to 1.2588 could commence, representing 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/USDJPYH1-9.png" alt="USD/JPY (US Dollar vs Japanese Yen)" class="wp-image-19915" srcset="https://blog.roboforex.com/wp-content/uploads/2024/01/USDJPYH1-9.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/01/USDJPYH1-9-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/01/USDJPYH1-9-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/01/USDJPYH1-9-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption><em>USD/JPY (US Dollar vs Japanese Yen)</em></figcaption></figure><p>USD/JPY is within a consolidation range around 148.01, which may extend to 147.18. Upon reaching this level, a new upward wave to 149.17 could unfold.</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/USDCHFH4-6.png" alt="USD/CHF (US Dollar vs Swiss Franc)" class="wp-image-19916" srcset="https://blog.roboforex.com/wp-content/uploads/2024/01/USDCHFH4-6.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/01/USDCHFH4-6-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/01/USDCHFH4-6-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/01/USDCHFH4-6-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption><em>USD/CHF (US Dollar vs Swiss Franc)</em></figcaption></figure><p>USD/CHF has achieved the local target of the growth wave at 0.8696. Currently, a consolidation range is forming below this level. A downward breakout from the range may lead to a correction to 0.8585, followed by a rise to 0.8705, marking the first 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/AUDUSDH1-9.png" alt="AUD/USD (Australian Dollar vs US Dollar)" class="wp-image-19912" srcset="https://blog.roboforex.com/wp-content/uploads/2024/01/AUDUSDH1-9.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/01/AUDUSDH1-9-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/01/AUDUSDH1-9-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/01/AUDUSDH1-9-1536×689.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 correction wave to 0.6612. The market is now forming a consolidation range under this level, potentially extending to 0.6590. A downward breakout could open the door to a decline wave to 0.6524, followed by a continuation 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/BRENTH1.png" alt="BRENT" class="wp-image-19917" srcset="https://blog.roboforex.com/wp-content/uploads/2024/01/BRENTH1.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/01/BRENTH1-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/01/BRENTH1-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/01/BRENTH1-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption><em>BRENT</em></figcaption></figure><p>Brent has completed a growth wave to 79.74, and a correction to 78.11 is in progress. Following the correction, a new upward wave to 80.65 may develop, leading to a continuation of the trend to 82.12. This is considered 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/XAUUSDH4-9.png" alt="XAU/USD (Gold vs US Dollar)" class="wp-image-19913" srcset="https://blog.roboforex.com/wp-content/uploads/2024/01/XAUUSDH4-9.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/01/XAUUSDH4-9-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/01/XAUUSDH4-9-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/01/XAUUSDH4-9-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption><em>XAU/USD (Gold vs US Dollar)</em></figcaption></figure><p>Gold has finalized a correction to 2039.35, forming a decline structure to 2021.50. Expect a new correction link to 2040.40. Once complete, a new decline link to 1988.00 might emerge.</p>

<h2>S&amp;P 500</h2>

<figure><img loading="lazy" decoding="async" width="1596" height="716" src="https://blog.roboforex.com/wp-content/uploads/2024/01/US500CashH1-8.png" alt="S&amp;P 500" class="wp-image-19914" srcset="https://blog.roboforex.com/wp-content/uploads/2024/01/US500CashH1-8.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/01/US500CashH1-8-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/01/US500CashH1-8-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/01/US500CashH1-8-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption><em>S&amp;P 500</em></figcaption></figure><p>The stock index has established a consolidation range around 4795.0. Breaking out upwards, it continues to extend the growth wave. Currently at the local target of 4857.0, a decline link to 4795.0 is possible (a test from above). Subsequently, anticipate a rise to 4875.5.</p>

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