Forex Technical Analysis & Forecast for January 2023

forex-technical-analysis-&-forecast-for-january-2023

EURUSD, “Euro vs US Dollar”

The currency pair has completed a wave of correction to 1.0510. The market has got support there, and the wave of growth might continue to 1.0804. The goal is local. After it is reached, a link of correction to 1.0222 is not excluded. Then a new structure of growth to 1.0900 should develop.

GBPUSD, “Great Britain Pound vs US Dollar”

The currency pair completed a wave of correction to 1.1840. Upon getting support there, the market continues developing a wave of growth to 1.2320. After this level is reached, a new link of correction to 1.2220 is not excluded, followed by growth to 1.2777.

USDJPY, “US Dollar vs Japanese Yen”

The currency pair completed a wave of decline to 129.70. At the moment, the market has formed an impulse of growth to 134.76. Today it has completed a link of decline to 131.71. A consolidation range is expected to form around this level. With an escape downwards, another structure of decline to 128.73 may develop. With an escape upwards, the wave of growth might continue to 138.51.

BRENT

Crude oil has completed a wave of correction to 86.40 and a link of growth to 82.60. After this level is reached, a decline to 72.60 might follow. Then a wave of growth to 100.00 might develop, from where the wave might continue to 127.45.

XAUUSD, “Gold vs US Dollar”

Gold has corrected to 1833.30. Getting support there, the market is developing a wave of growth. The quotes might then reach 1900.00, after which a correction to 1800.00 might follow.

S&P 500

The stock index has completed an impulse of decline to 3763.0. Today the market is forming a link of correction. Growth to 3953.4 looks possible. After this level is reached, the quotes might fall to 3550.5, then grow to 3752.0, and then decline to 3344.0.

Source: Roboforex

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