EUR is in a consolidation phase, anticipating a correction. The overview also covers the performance of GBP, JPY, CHF, AUD, Brent, Gold, and the S&P 500 index.
EUR/USD (Euro vs US Dollar)
EUR/USD has reached a local growth wave target of 1.1000. Today, a consolidation range is taking shape below this level, possibly extending to 1.1010. Subsequently, the price might break the range downward, targeting 1.0890 (a test from above). Following this, another growth link to 1.1050 could develop, signifying the end of this growth wave potential.
GBP/USD (Great Britain Pound vs US Dollar)
GBP/USD has completed a growth wave, reaching 1.2790. Today, a consolidation range could form below this level. A downward breakout will open the potential for a downward movement to 1.2700, possibly continuing to 1.2630. This is the first target.
USD/JPY (US Dollar vs Japanese Yen)
USD/JPY is presently in a consolidation phase around 141.80. An upward breakout will unlock the potential for a correction to 143.40, followed by a possible decline to 140.33. Subsequently, the price could rise to 143.43, with the trend potentially continuing to 146.55. This is the first target.
USD/CHF (US Dollar vs Swiss Franc)
USD/CHF has formed a consolidation range around 0.8694. A potential decline to 0.8610 may occur today, with a subsequent upward movement targeting 0.8694 (a test from below), followed by a drop to 0.8566. After the price reaches this level, a growth wave to 0.8800 could start.
AUD/USD (Australian Dollar vs US Dollar)
AUD/USD is presently in a consolidation phase below 0.6727. Breaking below the range, the price might correct to 0.6633, subsequently rising to 0.6740. After the price hits this level, a decline wave towards 0.6525 could start.
BRENT
Brent continues its upward momentum, targeting 78.50. Once the price reaches this level, it could correct to 75.40. Next, a growth link to 80.15 is expected, from where the trend could develop to 84.72.
XAU/USD (Gold vs US Dollar)
Gold is forming a consolidation range below 2047.50. The price could decline to 2018.55 and then climb to 2058.75. This rise is seen as a correction link as part of the previous downward movement. Following the correction, another decline wave towards 1980.00 is expected.
S&P 500
The stock index is currently in a consolidation phase around 4725.0. With an upward breakout, the consolidation range could expand to 4751.0. A corrective decline to 4655.5 could follow, with the price subsequently rising to 4767.0.
The post Technical Analysis & Forecast December 15, 2023 appeared first at R Blog – RoboForex.