Gold could extend its decline. Additionally, learn about the dynamics of EUR, GBP, JPY, CHF, AUD, Brent, and the S&P 500 index in this overview.
EUR/USD (Euro vs US Dollar)
EUR/USD broke out of a consolidation range to the upside, concluding a corrective wave at 1.0914 based on the latest news. A new consolidation range might take shape below this level today. A downside breakout from this range could trigger a decline wave to 1.0820. If this level is breached, the potential for the trend to continue down to 1.0690 might unfold. This marks a local target.
GBP/USD (Great Britain Pound vs US Dollar)
GBP/USD executed a decline wave to 1.2500, followed by a corrective move to 1.2650 as per the news. A consolidation range may develop below this level today. A downward breakout from this range could pave the way for a decline to 1.2555, and from there, the trend might persist to 1.2470. This is the initial target.
USD/JPY (US Dollar vs Japanese Yen)
USD/JPY completed a declining wave structure to 141.15. A consolidation range might take shape above this level today. An upward breakout from this range could indicate the potential for a growth wave to 143.80, and from there, the trend might extend to 145.33. This stands as a local target.
USD/CHF (US Dollar vs Swiss Franc)
USD/CHF underwent a correction to 0.8666. A consolidation range might develop above this level today. An upward breakout from this range could suggest a rise to 0.8722, and from there, the trend might carry on to 0.8780. This is a local target.
AUD/USD (Australian Dollar vs US Dollar)
AUD/USD experienced a corrective move to 0.6727 as per the news. A consolidation range may shape up below this level today. A downside breakout from this range might lead to a continuation of the decline wave to 0.6611, extending the trend to 0.6494. This is the initial target.
BRENT
Brent found support at 72.30 and is in the process of developing an upward wave to 75.25. After reaching this level, the price might form a downward move to 71.30. Following this, a new upward wave to 78.10 might commence, and from there, the trend could unfold to 81.30. This is a local target.
XAU/USD (Gold vs US Dollar)
Gold corrected to 2038.00, and a consolidation range might form below this level today. A downside breakout from this range could result in a continuation of the wave to 1973.00, and from there, the trend might extend to 1907.00. This is the initial target.
S&P 500
The stock index executed an upward wave to 4731.0. Currently, a consolidation range is emerging below this level. A downside breakout from this range could trigger a correction move to 4655.0. Subsequently, a rise to 4750.0 might ensue. This marks a local target.
The post Technical Analysis & Forecast December 14, 2023 appeared first at R Blog – RoboForex.