Technical Analysis & Forecast October 24, 2023
<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/TA_14-360×360.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/audusd/" data-internallinksmanager029f6b8e52c="33" title="AUD/USD">AUD</a> Prepares for a Potential Downtrend. This analysis also explores 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/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>, Brent, <a href="https://roboforex.com/beginners/info/charts/metals/xauusd/" data-internallinksmanager029f6b8e52c="43" title="XAU/USD">Gold</a>, and the S&P 500.</p>
<h2>EUR/USD (Euro vs US Dollar)</h2>
<figure><img decoding="async" loading="lazy" width="1592" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDH1-16.png" alt="EUR/USD (Euro vs US Dollar)" class="wp-image-18695" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDH1-16.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDH1-16-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDH1-16-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDH1-16-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>EUR/USD (Euro vs US Dollar)</figcaption></figure><p>EUR/USD broke free from a consolidation range, reaching the initial correction target of 1.0686. Today, we might witness a downtrend towards 1.0590. After reaching this level, a new correction movement could push it to 1.0717. However, the overarching <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> anticipates a decline to 1.0400.</p>
<h2>GBP/USD (Great Britain Pound vs US Dollar)</h2>
<figure><img decoding="async" loading="lazy" width="1592" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-16.png" alt="GBP/USD (Great Britain Pound vs US Dollar)" class="wp-image-18693" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-16.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-16-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-16-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-16-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>GBP/USD (Great Britain Pound vs US Dollar)</figcaption></figure><p>GBP/USD also escaped a consolidation range, hitting the initial correction target of 1.2273. Today, we could observe a decline to 1.2182. After reaching this point, a fresh uptrend to 1.2277 may occur. Nevertheless, the trend suggests continuation to 1.2080.</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/USDJPYH1-16.png" alt="" class="wp-image-18694" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/USDJPYH1-16.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDJPYH1-16-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDJPYH1-16-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDJPYH1-16-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /></figure><p>USD/JPY consolidated around 149.65. A decline to 149.33 is expected today, interpreted as a correction. Once this correction is complete, a growth wave to 150.75 might ensue.</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/USDCHFH4-2.png" alt="USD/CHF (US Dollar vs Swiss Franc)" class="wp-image-18692" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/USDCHFH4-2.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDCHFH4-2-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDCHFH4-2-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDCHFH4-2-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>USD/CHF (US Dollar vs Swiss Franc)</figcaption></figure><p>USD/CHF formed a consolidation range above 0.8902. Today, it might expand to 0.8890. After reaching this level, we could see a growth wave to 0.9080, marking the first target.</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/AUDUSDH1-16.png" alt="AUD/USD (Australian Dollar vs US Dollar)" class="wp-image-18691" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/AUDUSDH1-16.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/AUDUSDH1-16-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/AUDUSDH1-16-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/AUDUSDH1-16-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>AUD/USD (Australian Dollar vs US Dollar)</figcaption></figure><p>AUD/USD expanded a consolidation range upwards to 0.6361. Today, a decline to 0.6323 is possible, and if it breaks below this level, it could 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/BRENTH1-9.png" alt="BRENT" class="wp-image-18690" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH1-9.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH1-9-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH1-9-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH1-9-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>BRENT</figcaption></figure><p>Brent completed a correction wave to 88.80. A consolidation range might establish around this level today. Prices could break out upwards and form a growth wave to 90.70. If it breaches this level, there's potential for an increase to 93.25, from which the trend could continue to 95.15. This is a local target.</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/XAUUSDH4-6.png" alt="XAU/USD (Gold vs US Dollar)" class="wp-image-18689" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/XAUUSDH4-6.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/XAUUSDH4-6-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/XAUUSDH4-6-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/XAUUSDH4-6-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>XAU/USD (Gold vs US Dollar)</figcaption></figure><p>Gold underwent a corrective wave to 1982.77 following a decline impulse to 1964.33. A new decline impulse to 1947.95 might emerge today as the first target. After reaching this level, a correction to 1973.33 is conceivable.</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/US500CashH1-14.png" alt="S&P 500" class="wp-image-18688" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/US500CashH1-14.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/US500CashH1-14-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/US500CashH1-14-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/US500CashH1-14-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>S&P 500</figcaption></figure><p>The stock index corrected to 4254.9. Today, the declining wave might continue to 4166.0, representing a local target. Following this, a correction to 4250.0 could initiate.</p>
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