Technical Analysis & Forecast October 04, 2023
<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/TA_24-360×360.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> Continues Its Upward <a title="<div class="wpg-tooltip-content"><p>Momentum is an indicator of the speed and direction of price change over a specific time frame.</p></div>" href="https://blog.roboforex.com/glossary-terms/momentum/">Momentum</a>. This overview also encompasses 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" loading="lazy" width="1592" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDH1-2.png" alt="EUR/USD (Euro vs US Dollar)" class="wp-image-18298" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDH1-2.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDH1-2-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDH1-2-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDH1-2-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>EUR/USD (Euro vs US Dollar)</figcaption></figure><p>EUR/USD experienced a downward movement to 1.0447. Currently, the market is establishing a consolidation range around 1.0465. A breakout above this range might initiate a corrective phase towards 1.0500. Conversely, breaking below could lead to a decline to 1.0408. Following this, a correction to 1.0500 might occur (with a test from below), eventually leading to a decline to 1.0383, which is a local target.</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/GBPUSDH1-2.png" alt="GBP/USD (Great Britain Pound vs US Dollar)" class="wp-image-18297" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-2.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-2-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-2-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-2-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>GBP/USD (Great Britain Pound vs US Dollar)</figcaption></figure><p>GBP/USD observed a downward movement to 1.2052. Currently, the market is consolidating around 1.2080. An upward breakout could trigger a growth phase to 1.2112. Conversely, a downward breakout may lead the market to continue the wave down to 1.1947. If this level is breached, a potential decline to 1.1900 might occur, which 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/USDJPYH1-2.png" alt="USD/JPY (US Dollar vs Japanese Yen)" class="wp-image-18296" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/USDJPYH1-2.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDJPYH1-2-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDJPYH1-2-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDJPYH1-2-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>USD/JPY (US Dollar vs Japanese Yen)</figcaption></figure><p>USD/JPY completed a growth wave to 150.13 and corrected to 147.30. Today, the market initiated an upward impulse to 149.32. Presently, the market is establishing a consolidation range around 149.08. An extension to 149.60 is expected, followed by a decline to 149.08 (with a test from above). A subsequent rise to 150.90 is also possible.</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/USDCHFH1-2.png" alt="USD/CHF (US Dollar vs Swiss Franc)" class="wp-image-18295" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/USDCHFH1-2.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDCHFH1-2-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDCHFH1-2-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDCHFH1-2-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>USD/CHF (US Dollar vs Swiss Franc)</figcaption></figure><p>USD/CHF completed an upward wave to 0.9242. Today, the market experienced a downward movement to 0.9204 (with a test from above). A consolidation range has formed around this level. An upward breakout might lead to a growth wave to 0.9297, extending 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> to 0.9318.</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/AUDUSDH1-2.png" alt="AUD/USD (Australian Dollar vs US Dollar)" class="wp-image-18294" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/AUDUSDH1-2.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/AUDUSDH1-2-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/AUDUSDH1-2-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/AUDUSDH1-2-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>AUD/USD (Australian Dollar vs US Dollar)</figcaption></figure><p>AUD/USD completed a decline wave to 0.6290. A consolidation range has now formed above this level. Breaking upwards could potentially lead to a rise to 0.6355 (with a test from below), while a downward breakout might continue the trend to 0.6250, further extending the wave to 0.6216.</p>
<h2>BRENT</h2>
<figure><img decoding="async" loading="lazy" width="1592" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH4-2.png" alt="BRENT" class="wp-image-18293" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH4-2.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH4-2-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH4-2-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH4-2-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>BRENT</figcaption></figure><p>Brent corrected to 89.33 and is currently forming a consolidation range above this level. A breakout above this range could continue the growth wave to 96.96, a local target. After reaching this level, a correction to 92.70 is plausible, followed by a rise to 104.00.</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/XAUUSDH1-2.png" alt="XAU/USD (Gold vs US Dollar)" class="wp-image-18292" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/XAUUSDH1-2.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/XAUUSDH1-2-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/XAUUSDH1-2-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/XAUUSDH1-2-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>XAU/USD (Gold vs US Dollar)</figcaption></figure><p>Gold completed a decline wave to 1815.15. Today, the market experienced a growth wave to 1833.00 (with a test from below). A decline to 1809.00 is expected next. If this level is breached, a potential decline to 1785.85 might occur, marking a local 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/US500CashH1-2.png" alt="S&P 500" class="wp-image-18291" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/US500CashH1-2.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/US500CashH1-2-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/US500CashH1-2-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/US500CashH1-2-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>S&P 500</figcaption></figure><p>The stock index is currently in a decline wave towards 4202.2. Following this, a rise to 4250.0 is expected (with a test from below). A subsequent decline to 4170.0 might follow, which is a local target.</p>
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