Technical Analysis & Forecast October 11, 2023
<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/TA_5-360×360.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/usdjpy/" data-internallinksmanager029f6b8e52c="40" title="USD/JPY">JPY</a> Initiates an Upward Wave. This overview also includes insights into 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/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/EURUSDH1-6.png" alt="EUR/USD (Euro vs US Dollar)" class="wp-image-18457" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDH1-6.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDH1-6-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDH1-6-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDH1-6-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>EUR/USD (Euro vs US Dollar)</figcaption></figure><p>EUR/USD made a significant upward move to 1.0619. Currently, the market is consolidating below this level. If a breakout occurs upwards, it could trigger a growth wave towards 1.0672, followed by a corrective phase to 1.0595 (with a test from above). After this correction, a fresh upward wave towards 1.0707 might commence. This stands as a local 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/GBPUSDH1-7.png" alt="GBP/USD (Great Britain Pound vs US Dollar)" class="wp-image-18458" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-7.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-7-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-7-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-7-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>GBP/USD (Great Britain Pound vs US Dollar)</figcaption></figure><p>GBP/USD completed an upward movement reaching 1.2302. Presently, the market is in a consolidation phase below this level. The price is anticipated to escape this range upwards, aiming for 1.2375 as a local target. Subsequently, a correction to 1.2242 (with a test from above) might precede a surge towards 1.2444.</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/USDJPYH1-7.png" alt="USD/JPY (US Dollar vs Japanese Yen)" class="wp-image-18459" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/USDJPYH1-7.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDJPYH1-7-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDJPYH1-7-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDJPYH1-7-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>USD/JPY (US Dollar vs Japanese Yen)</figcaption></figure><p>USD/JPY concluded an upward wave reaching 149.08, followed by a correction to 148.41. Presently, the market is constructing another rising wave aiming for 149.35. If this level is breached, the potential for an increase to 150.55 might unfold. This marks a local 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/USDCHFH1-7.png" alt="USD/CHF (US Dollar vs Swiss Franc)" class="wp-image-18463" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/USDCHFH1-7.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDCHFH1-7-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDCHFH1-7-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDCHFH1-7-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>USD/CHF (US Dollar vs Swiss Franc)</figcaption></figure><p>USD/CHF experienced an upward move to 0.9083 (with a test from below). Today, the market initiated a corrective structure, reaching 0.9036. Currently, a consolidation range is taking shape above this level. Anticipated <a href="https://blog.roboforex.com/blog/2020/01/21/what-do-you-know-about-price-action-strategy-patterns-indicators/" data-internallinksmanager029f6b8e52c="106" title="Price Action">price action</a> involves a breakout from this range downward, extending the wave to 0.8993. After this level is reached, an upward move to 0.9083 (with a test from below) might follow, possibly accompanied by a decline to 0.8928.</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/AUDUSDH1-7.png" alt="AUD/USD (Australian Dollar vs US Dollar)" class="wp-image-18460" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/AUDUSDH1-7.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/AUDUSDH1-7-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/AUDUSDH1-7-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/AUDUSDH1-7-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>AUD/USD (Australian Dollar vs US Dollar)</figcaption></figure><p>AUD/USD completed an upward wave to 0.6444. A corrective downward phase to 0.6386 might unfold today, followed by an increase to 0.6460 as a local target. The upward wave could potentially extend to 0.6488.</p>
<h2>BRENT</h2>
<figure><img decoding="async" loading="lazy" width="1592" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH4-4.png" alt="BRENT" class="wp-image-18461" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH4-4.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH4-4-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH4-4-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH4-4-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>BRENT</figcaption></figure><p>Brent continues to establish a consolidation range above 86.00, lacking a strong <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>. A breakout from this range upwards towards 89.00 is expected as the initial target. Subsequently, a correction to 86.00 (with a test from above) is plausible. Following this, a new growth wave to 94.00 may commence, from where the trend might extend to 97.07.</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/XAUUSDH1-7.png" alt="XAU/USD (Gold vs US Dollar)" class="wp-image-18464" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/XAUUSDH1-7.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/XAUUSDH1-7-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/XAUUSDH1-7-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/XAUUSDH1-7-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>XAU/USD (Gold vs US Dollar)</figcaption></figure><p>Gold successfully completed an upward wave reaching 1865.30, followed by a correction to 1852.70. Presently, a consolidation range is forming above this level. A breakout from this range downwards, leading to a corrective phase to 1840.00, is possible. After reaching this level, the price might rise to 1867.50, followed by a decline to 1840.00.</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/US500CashH4.png" alt="S&P 500" class="wp-image-18462" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/US500CashH4.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/US500CashH4-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/US500CashH4-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/US500CashH4-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>S&P 500</figcaption></figure><p>The stock index established a consolidation range around 4296.0. Today, the market broke out of this range upwards, initiating a rising wave to 4382.5 as a local target. A corrective wave towards 4296.0 is anticipated (with a test from above). Following this, a rise to 4390.5 is projected, followed by a decline to 4110.0, marking the initial target.</p>
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