Technical Analysis & Forecast October 30, 2023
<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/TA_18-360×360.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>'s downtrend continues. In this overview, we'll also analyze the movements 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/EURUSDH1-20.png" alt="EUR/USD (Euro vs US Dollar)" class="wp-image-18797" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDH1-20.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDH1-20-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDH1-20-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDH1-20-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>EUR/USD (Euro vs US Dollar)</figcaption></figure><p>EUR/USD has completed a corrective wave to 1.0596. Today, the market is poised to continue a declining wave towards 1.0500. After reaching this level, a consolidation range might form. If the price breaks out of this range downwards, it could initiate a declining wave to 1.0433. This is the first target.</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/GBPUSDH1-20.png" alt="GBP/USD (Great Britain Pound vs US Dollar)" class="wp-image-18796" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-20.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-20-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-20-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-20-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>GBP/USD (Great Britain Pound vs US Dollar)</figcaption></figure><p>GBP/USD has finished a corrective wave at 1.2160. Currently, the market is continuing to form a declining wave towards 1.2080. After reaching this level, a consolidation range might develop. If the price breaks out of this range downwards, it could open the potential for a declining wave to 1.2000. This is a local target.</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/USDJPYH1-20.png" alt="USD/JPY (US Dollar vs Japanese Yen)" class="wp-image-18795" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/USDJPYH1-20.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDJPYH1-20-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDJPYH1-20-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDJPYH1-20-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>USD/JPY (US Dollar vs Japanese Yen)</figcaption></figure><p>USD/JPY has concluded a declining wave at 149.74. At the moment, the market is forming a consolidation range around this level. An escape from the range and further development of the wave towards 149.00 is expected. This is a local target. After reaching this level, a correction to 149.70 could follow, with a test from below. Subsequently, a decline to 148.75 might occur. This is the first target.</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/USDCHFH1-16.png" alt="USD/CHF (US Dollar vs Swiss Franc)" class="wp-image-18794" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/USDCHFH1-16.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDCHFH1-16-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDCHFH1-16-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDCHFH1-16-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>USD/CHF (US Dollar vs Swiss Franc)</figcaption></figure><p>USD/CHF is continuing its upward wave to 0.9050, and after reaching this level, a correction to 0.9000 might follow, with a test from above. Next, a rise to 0.9091 could be in store. This is a local 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/AUDUSDH1-20.png" alt="AUD/USD (Australian Dollar vs US Dollar)" class="wp-image-18798" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/AUDUSDH1-20.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/AUDUSDH1-20-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/AUDUSDH1-20-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/AUDUSDH1-20-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>AUD/USD (Australian Dollar vs US Dollar)</figcaption></figure><p>AUD/USD has undergone a correction to 0.6358. Another correction to 0.6363 is possible, followed by a decline to 0.6288. This is a local target.</p>
<h2>BRENT</h2>
<figure><img decoding="async" loading="lazy" width="1592" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH1-13.png" alt="BRENT" class="wp-image-18793" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH1-13.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH1-13-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH1-13-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH1-13-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>BRENT</figcaption></figure><p>Brent has completed an upward wave to 86.36. Today, the market might correct to 87.90. After the price reaches this level, a new upward wave to 91.00 might initiate, with the potential to extend to 92.50. 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/XAUUSDH4-10.png" alt="XAU/USD (Gold vs US Dollar)" class="wp-image-18792" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/XAUUSDH4-10.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/XAUUSDH4-10-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/XAUUSDH4-10-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/XAUUSDH4-10-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>XAU/USD (Gold vs US Dollar)</figcaption></figure><p>Gold is maintaining a consolidation range around 1977.00. Today, the market has expanded the range to 2009.20. Next, a decline to 1953.00 is anticipated. If this level is breached downwards, the potential for a declining wave to 1896.40 might open. This is the first target.</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/US500CashH1-18.png" alt="S&P 500" class="wp-image-18791" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/US500CashH1-18.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/US500CashH1-18-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/US500CashH1-18-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/US500CashH1-18-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>S&P 500</figcaption></figure><p>The stock index has completed a declining wave to 4102.5. A correction to 4185.0 might occur today, with a test from below. After the correction is over, a decline to 4143.0 is expected.</p>
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