Technical Analysis & Forecast October 19, 2023
<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/TA_11-360×360.jpg" class="attachment-thumbnail size-thumbnail wp-post-image" alt="Technical Analysis & Forecast" decoding="async" style="margin-bottom: 15px;" loading="lazy" /></div><p><a href="https://roboforex.com/beginners/info/charts/forex/gbpusd/" data-internallinksmanager029f6b8e52c="36" title="GBP/USD">GBP</a> in a Downtrend. In this analysis, we'll also explore 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/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>, Brent, <a href="https://roboforex.com/beginners/info/charts/metals/xauusd/" data-internallinksmanager029f6b8e52c="43" title="XAU/USD">Gold</a>, and the S&P 500 index.</p>
<h2>EUR/USD (Euro vs US Dollar)</h2>
<figure><img decoding="async" width="1592" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDH1-13.png" alt="EUR/USD (Euro vs US Dollar)" class="wp-image-18632" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDH1-13.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDH1-13-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDH1-13-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDH1-13-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>EUR/USD (Euro vs US Dollar)</figcaption></figure><p>EUR/USD has bounced back from 1.0593, initiating a descent to 1.0522. Presently, a consolidation range is forming above this level. Should the quotes break free from this range, a target of 1.0502 becomes likely. Subsequently, a corrective bounce to 1.0540 (with a test from below) and a decline to 1.0484 may occur.</p>
<h2>GBP/USD (Great Britain Pound vs US Dollar)</h2>
<figure><img decoding="async" width="1592" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-13.png" alt="GBP/USD (Great Britain Pound vs US Dollar)" class="wp-image-18633" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-13.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-13-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-13-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-13-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>GBP/USD (Great Britain Pound vs US Dollar)</figcaption></figure><p>GBP/USD has rebounded from 1.2202 and is continuing its downward trajectory to 1.2112. Upon reaching this level, we might see some consolidation. If the pair reverses course and rises, a correction to 1.2166 (with a test from below) and a decline to 1.2048 could ensue.</p>
<h2>USD/JPY (US Dollar vs Japanese Yen)</h2>
<figure><img decoding="async" loading="lazy" width="1592" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/10/USDJPYH1-13.png" alt="USD/JPY (US Dollar vs Japanese Yen)" class="wp-image-18634" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/USDJPYH1-13.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDJPYH1-13-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDJPYH1-13-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDJPYH1-13-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>USD/JPY (US Dollar vs Japanese Yen)</figcaption></figure><p>USD/JPY is currently consolidating within the range of 149.75. A breakout to the upside could set the stage for an upward movement to 150.13. Conversely, if it escapes to the downside, a correction to 149.00 is plausible, followed by a potential ascent to 150.75.</p>
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<h2>USD/CHF (US Dollar vs Swiss Franc)</h2>
<figure><img decoding="async" loading="lazy" width="1592" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/10/USDCHFH1-13.png" alt="USD/CHF (US Dollar vs Swiss Franc)" class="wp-image-18635" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/USDCHFH1-13.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDCHFH1-13-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDCHFH1-13-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDCHFH1-13-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>USD/CHF (US Dollar vs Swiss Franc)</figcaption></figure><p>USD/CHF completed a move to 0.8953 within a declining wave. Today, the market initiated a correction towards 0.8989 (with a test from below). A new downward movement to 0.8950 might materialize. After reaching this level, the price may trigger an upward wave to 0.9033.</p>
<h2>AUD/USD (Australian Dollar vs US Dollar)</h2>
<figure><img decoding="async" loading="lazy" width="1592" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/10/AUDUSDH1-13.png" alt="AUD/USD (Australian Dollar vs US Dollar)" class="wp-image-18636" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/AUDUSDH1-13.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/AUDUSDH1-13-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/AUDUSDH1-13-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/AUDUSDH1-13-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>AUD/USD (Australian Dollar vs US Dollar)</figcaption></figure><p>AUD/USD is persisting in its descent towards 0.6272. Once this level is reached, a corrective phase to 0.6358 is plausible, followed by a potential drop to 0.6200.</p>
<h2>BRENT</h2>
<figure><img decoding="async" loading="lazy" width="1592" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH1-6.png" alt="BRENT" class="wp-image-18637" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH1-6.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH1-6-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH1-6-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH1-6-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>BRENT</figcaption></figure><p>Brent is still in the process of forming a consolidation range above 89.70. If it breaks out to the upside, the potential for an upswing to 92.92 is on the horizon. Conversely, if it escapes to the downside, a corrective phase to 87.60 might occur, followed by a potential rise to 95.00.</p>
<h2>XAU/USD (Gold vs US Dollar)</h2>
<figure><img decoding="async" loading="lazy" width="1592" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/10/XAUUSDH4-3.png" alt="XAU/USD (Gold vs US Dollar)" class="wp-image-18638" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/XAUUSDH4-3.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/XAUUSDH4-3-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/XAUUSDH4-3-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/XAUUSDH4-3-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>XAU/USD (Gold vs US Dollar)</figcaption></figure><p>Gold is maintaining a consolidation range above 1938.15. A break to the downside could incite a declining wave down to 1869.60, which is the initial target. Subsequently, we might see a rebound to 1915.50 and then another drop to 1822.22. The <a title="<div class="wpg-tooltip-content"><p>A trend is a direction in which the market or the price of an instrument is moving. Trends can be upward, downward or sideways and are common to all types of markets.</p></div>" href="https://blog.roboforex.com/glossary-terms/trend/">trend</a> could further continue to 1792.00 from there.</p>
<h2>S&P 500</h2>
<figure><img decoding="async" loading="lazy" width="1592" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/10/US500CashH1-11.png" alt="S&P 500" class="wp-image-18639" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/US500CashH1-11.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/US500CashH1-11-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/US500CashH1-11-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/US500CashH1-11-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>S&P 500</figcaption></figure><p>The stock index recently wrapped up a downswing to 4301.3. A consolidation range might evolve around this level today. In the event of an upward breakout, a correction towards 4347.0 is possible (with a test from below). Subsequently, a decline to 4255.5 could follow, representing a local target.</p>
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