Technical Analysis & Forecast October 20, 2023
<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/TA_12-360×360.jpg" class="attachment-thumbnail size-thumbnail wp-post-image" alt="Technical Analysis & Forecast" decoding="async" style="margin-bottom: 15px;" loading="lazy" /></div><p>Brent <a title="<div class="wpg-tooltip-content"><p>Crude Oil is a natural resource used as a raw material in the refining and petrochemical industries.</p></div>" href="https://blog.roboforex.com/glossary-terms/oil/">Crude Oil</a> Extends Its Growth: Here's an Overview 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/gbpusd/" data-internallinksmanager029f6b8e52c="36" title="GBP/USD">GBP</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>, <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/EURUSDH1-14.png" alt="EUR/USD (Euro vs US Dollar)" class="wp-image-18657" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDH1-14.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDH1-14-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDH1-14-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDH1-14-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>EUR/USD (Euro vs US Dollar)</figcaption></figure><p>EUR/USD has broken free from a consolidation range, initiating a corrective wave towards 1.0650. Currently, a downward movement to 1.0530 is taking shape. After reaching this level, there's potential for an upward bounce to 1.0577 (with a test from below). Subsequently, a decline to 1.0520 is likely, and from there, 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> might continue to 1.0485.</p>
<h2>GBP/USD (British Pound vs US Dollar)</h2>
<figure><img decoding="async" width="1592" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-14.png" alt="GBP/USD (British Pound vs US Dollar)" class="wp-image-18656" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-14.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-14-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-14-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-14-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>GBP/USD (British Pound vs US Dollar)</figcaption></figure><p>GBP/USD remains in a downward wave towards 1.2081. Once this level is reached, a corrective move to 1.2215 is possible, followed by another decline to 1.2048.</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/USDJPYH1-14.png" alt="USD/JPY (US Dollar vs Japanese Yen)" class="wp-image-18655" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/USDJPYH1-14.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDJPYH1-14-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDJPYH1-14-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDJPYH1-14-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>USD/JPY (US Dollar vs Japanese Yen)</figcaption></figure><p>USD/JPY is in an upward wave targeting 150.13. After it hits this level, a correction down to 149.74 is possible, followed by a rise to 150.75.</p>
<div>
<div>
<div>
<p>Looking for a profitable partnership?</p>
<p>Join RoboForex as a partner and earn up to 84% of the company's revenue!</p>
</div>
<div>
<img decoding="async" class="block-banner__image block-banner__image_mobile" src="https://blog.roboforex.com/wp-content/uploads/2023/09/partner-programme-mobile.png" alt="partner-programme" /></div>
<a href="https://my.roboforex.com/en/register-partner/" target="_blank" rel="noopener">Become a partner</a>
</div>
<div>
<img decoding="async" class="block-banner__image block-banner__image_desktop" src="https://blog.roboforex.com/wp-content/uploads/2023/09/partner-programme-desktop.png" alt="partner-programme" /></div>
</div>
<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/USDCHFH4.png" alt="USD/CHF (US Dollar vs Swiss Franc)" class="wp-image-18654" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/USDCHFH4.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDCHFH4-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDCHFH4-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDCHFH4-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>USD/CHF (US Dollar vs Swiss Franc)</figcaption></figure><p>USD/CHF has concluded a move within a descending wave at 0.8908. It may see an upward bounce to 0.8980 next. Subsequently, a decline to 0.8888 could occur, followed by a rise to 0.9054.</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/AUDUSDH1-14.png" alt="AUD/USD (Australian Dollar vs US Dollar)" class="wp-image-18653" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/AUDUSDH1-14.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/AUDUSDH1-14-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/AUDUSDH1-14-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/AUDUSDH1-14-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>AUD/USD (Australian Dollar vs US Dollar)</figcaption></figure><p>AUD/USD is in a downtrend heading towards 0.6279. After this level is reached, a correction to 0.6317 is possible, followed by another decline to 0.6272.</p>
<h2>Brent</h2>
<figure><img decoding="async" loading="lazy" width="1592" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH1-7.png" alt="Brent" class="wp-image-18652" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH1-7.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH1-7-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH1-7-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH1-7-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>Brent</figcaption></figure><p>Brent is continuing an upward wave towards 92.92. After it reaches this level, there's potential for a corrective move to 90.77. Subsequently, it might rise to 95.00, from where the trend could continue to 97.00.</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/XAUUSDH4-4.png" alt="XAU/USD (Gold vs US Dollar)" class="wp-image-18651" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/XAUUSDH4-4.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/XAUUSDH4-4-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/XAUUSDH4-4-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/XAUUSDH4-4-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>XAU/USD (Gold vs US Dollar)</figcaption></figure><p>Gold is currently experiencing an upward wave towards 1987.22. After reaching this level, a new downward wave to 1898.00 is expected. Following that, a wave upwards to 1939.20 could materialize.</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/US500CashH1-12.png" alt="S&P 500" class="wp-image-18650" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/US500CashH1-12.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/US500CashH1-12-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/US500CashH1-12-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/US500CashH1-12-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>S&P 500</figcaption></figure><p>The stock index has completed a downward wave to 4263.3. Presently, the market is forming a consolidation range above this level. A corrective move to 4300.0 is possible next (with a test from below), followed by a decline to 4212.5.</p>
<p>
<a href="https://my.roboforex.com/en/register/">Open Trading Account</a></p><p>The post <a rel="nofollow" href="https://blog.roboforex.com/blog/2023/10/20/technical-analysis-forecast-october-20-2023/">Technical Analysis & Forecast October 20, 2023</a> appeared first at <a rel="nofollow" href="https://blog.roboforex.com">R Blog – RoboForex</a>.</p>
Leave a Comment