The market is cautious and looking for direction after a volatile start to the year. Key data releases this week, particularly inflation reports, will likely influence future trends.

Oil:

• Downward trend continues.
• Continued decline after Saudi Arabia cuts prices.
• Expect further decline today, potentially reaching Target Zone 66.31 – 65.32.
• Look for buy signals above resistance zone 74.81 – 74.31, aiming for Target Zone 80.25 – 79.26.

Gold:

• Correction to the uptrend ongoing.
• Buy opportunity at support zone 2026 – 2019, aiming for December 28 high or Target Zone 2101 – 2089.
• Sell if price breaks below 2019, targeting lower Target Zone 1963 – 1951.

Euro/USD:

• Under selling pressure, short-term trend down.
• Neutral stance after volatile first week of January.
• Expectations for Fed rate cuts adjusted, market now anticipates delay to April, May, or June.
• Upcoming December inflation report will key influencer.
• Sell EURUSD with target at January 5 low, potentially reaching Gold Zone 1.0803 – 1.0795.
• Buy if price rises above resistance zone 1.1015 – 1.1002, aiming for upper Target Zone 1.1154 – 1.1128.

JPY/USD:

• Slight gains for yen for second straight day.
• Tokyo Core CPI slows, raising speculation about potential BoJ policy shift.
• Weak economy remains a barrier to BoJ tightening.
• Technical resistance at 144.27, support at 143.63 and 143.01.

AUD/USD:

• Facing challenges amid market pressures.
• AUD/USD neutral despite initial January decline.
• Consumer confidence improved and inflation slowdown could lead to RBA rate cuts.
• Technicals: AUD/USD tested resistance at 0.6732, support at 0.6625 and 0.6533

EUR/GBP:

• Persistent underperformance of EUR against GBP.
• EUR/GBP likely to stage a bearish impulsive downmove sequence.
• Watch key resistance levels at 0.8615, 0.8550, and 0.8500.

Bitcoin:

• Final leg of linking wave X likely developing.
• Buy opportunity at 46946.49, aiming for 51378.00.

Ripple:

• Decline expected, potentially reaching 0.485.
• Sell at 0.567, aiming for 0.485.

Ethereum:

• Price should be rising towards 2614.96.
• Buy at 2304.69, aiming for 2614.96.

Additional Events:

• German industrial production declines.
• Atlanta Fed President Bostic expects two rate cuts in 2024.
• Short-term relative weakness of EUR.
• Japanese yen shrugs as Tokyo Core CPI slows.
• BoJ meeting on Jan. 22-23 closely watched.