Technical Analysis & Forecast January 26, 2024
<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/TA_22-360×360.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> Extends Uptrend: An overview of the 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/metals/xauusd/" data-internallinksmanager029f6b8e52c="43" title="XAU/USD">Gold</a>, and the S&P 500 index is also 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/EURUSDH1-13.png" alt="EUR/USD (Euro vs US Dollar)" class="wp-image-19980" srcset="https://blog.roboforex.com/wp-content/uploads/2024/01/EURUSDH1-13.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/01/EURUSDH1-13-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/01/EURUSDH1-13-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/01/EURUSDH1-13-1536×689.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 corrective wave at 1.0900, followed by a new downtrend to 1.0821. Today, there might be a correction of the previous downward wave with a target of 1.0860. Upon reaching this level, the next decline to 1.0790 could commence. This marks the initial 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/GBPUSDH1-13.png" alt="GBP/USD (Great Britain Pound vs US Dollar)" class="wp-image-19981" srcset="https://blog.roboforex.com/wp-content/uploads/2024/01/GBPUSDH1-13.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/01/GBPUSDH1-13-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/01/GBPUSDH1-13-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/01/GBPUSDH1-13-1536×689.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 wrapped up a decline wave at 1.2727 (tested from below). Once this correction concludes, a fresh downward wave to 1.2661 could initiate. Should this level break, the trend may persist towards 1.2600. This represents 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/USDJPYH1-13.png" alt="USD/JPY (US Dollar vs Japanese Yen)" class="wp-image-19982" srcset="https://blog.roboforex.com/wp-content/uploads/2024/01/USDJPYH1-13.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/01/USDJPYH1-13-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/01/USDJPYH1-13-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/01/USDJPYH1-13-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption><em>USD/JPY (US Dollar vs Japanese Yen)</em></figcaption></figure><p>USD/JPY is in the process of forming a consolidation range around 147.67 with no discernible trend. A breakout to the downside could extend the correction to 146.60, while an upward breakout might lead to a continuation of the growth wave to 149.16.</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/USDCHFH4-10.png" alt="USD/CHF (US Dollar vs Swiss Franc)" class="wp-image-19983" srcset="https://blog.roboforex.com/wp-content/uploads/2024/01/USDCHFH4-10.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/01/USDCHFH4-10-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/01/USDCHFH4-10-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/01/USDCHFH4-10-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption><em>USD/CHF (US Dollar vs Swiss Franc)</em></figcaption></figure><p>USD/CHF has finished a growth wave at 0.8683. Today, the market could undergo a corrective phase to 0.8655. Following this correction, an anticipated resumption of the growth wave to 0.8717 is expected, with potential extension to 0.8766.</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/AUDUSDH1-13.png" alt="AUD/USD (Australian Dollar vs US Dollar)" class="wp-image-19984" srcset="https://blog.roboforex.com/wp-content/uploads/2024/01/AUDUSDH1-13.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/01/AUDUSDH1-13-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/01/AUDUSDH1-13-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/01/AUDUSDH1-13-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption><em>AUD/USD (Australian Dollar vs US Dollar)</em></figcaption></figure><p>AUD/USD is persisting in forming a consolidation range around 0.6585. An escape to the downside could open the potential for a wave to 0.6555, constituting the first target. Upon reaching this level, a rebound to 0.6585 (tested from below) is conceivable, followed by a decline to 0.6533. This represents 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/BRENTH1-4.png" alt="BRENT" class="wp-image-19987" srcset="https://blog.roboforex.com/wp-content/uploads/2024/01/BRENTH1-4.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/01/BRENTH1-4-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/01/BRENTH1-4-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/01/BRENTH1-4-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption><em>BRENT</em></figcaption></figure><p>Brent has completed a growth structure to 82.54. Today, the market has corrected to 81.92. Currently, a consolidation range is shaping up above this level. An upward breakout and extension of the wave to 83.00 are anticipated, from where the trend might progress to 83.35. Conversely, a downward breakout could extend the correction to 81.00, with the subsequent likelihood of the growth wave continuing to 83.35. This marks 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/XAUUSDH4-13.png" alt="XAU/USD (Gold vs US Dollar)" class="wp-image-19985" srcset="https://blog.roboforex.com/wp-content/uploads/2024/01/XAUUSDH4-13.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/01/XAUUSDH4-13-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/01/XAUUSDH4-13-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/01/XAUUSDH4-13-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption><em>XAU/USD (Gold vs US Dollar)</em></figcaption></figure><p>Gold continues to develop a consolidation range below 2023.23. Today, the price might decline to 2005.55 before rising to 2023.00. Once this level is reached, a new downward wave to 1991.10 might follow, paving the way for the trend to continue to 1976.50.</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/US500CashH1-12.png" alt="S&P 500" class="wp-image-19986" srcset="https://blog.roboforex.com/wp-content/uploads/2024/01/US500CashH1-12.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/01/US500CashH1-12-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/01/US500CashH1-12-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/01/US500CashH1-12-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption><em>S&P 500</em></figcaption></figure><p>The stock index is currently unfolding a consolidation range around 4871.5. A breakout to the downside could initiate a decline wave to 4784.4. This marks the initial target.</p>
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