Technical Analysis & Forecast November 02, 2023
<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/TA_21-360×360.jpg" class="attachment-thumbnail size-thumbnail wp-post-image" alt="Technical Analysis & Forecast" decoding="async" style="margin-bottom: 15px;" loading="lazy" /></div><p>Brent's Decline Continues. This analysis 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/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" loading="lazy" width="1592" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/11/EURUSDH1-1.png" alt="EUR/USD (Euro vs US Dollar)" class="wp-image-18860" srcset="https://blog.roboforex.com/wp-content/uploads/2023/11/EURUSDH1-1.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/11/EURUSDH1-1-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/11/EURUSDH1-1-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/11/EURUSDH1-1-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>EUR/USD (Euro vs US Dollar)</figcaption></figure><p>EUR/USD completed a downward wave to 1.0516. Subsequently, it initiated an upward impulse to 1.0565. Currently, a consolidation range has formed around this level. A breakout to the upside could extend the upward movement to 1.0616. Following this target, prices might regress to 1.0565.</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/2023/11/GBPUSDH1-1.png" alt="GBP/USD (Great Britain Pound vs US Dollar)" class="wp-image-18859" srcset="https://blog.roboforex.com/wp-content/uploads/2023/11/GBPUSDH1-1.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/11/GBPUSDH1-1-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/11/GBPUSDH1-1-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/11/GBPUSDH1-1-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>GBP/USD (Great Britain Pound vs US Dollar)</figcaption></figure><p>GBP/USD concluded a descending wave at 1.2095. Today, it displayed an upward impulse to 1.2195. The market is essentially establishing a broad consolidation range near the 1.2141 level. An upcoming downward move to 1.2141 is anticipated for today, possibly following a test from above. Another upward structure to 1.2200 is plausible after reaching this level. Post that, prices could instigate a new downward wave towards 1.2100.</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/2023/11/USDJPYH1-1.png" alt="USD/JPY (US Dollar vs Japanese Yen)" class="wp-image-18858" srcset="https://blog.roboforex.com/wp-content/uploads/2023/11/USDJPYH1-1.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/11/USDJPYH1-1-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/11/USDJPYH1-1-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/11/USDJPYH1-1-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>USD/JPY (US Dollar vs Japanese Yen)</figcaption></figure><p>USD/JPY wrapped up a correction wave at 150.15. Today, it is consolidating above this level. An upward breakout could signify a fresh ascending wave to 152.20.</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/2023/11/USDCHFH1-1.png" alt="USD/CHF (US Dollar vs Swiss Franc)" class="wp-image-18857" srcset="https://blog.roboforex.com/wp-content/uploads/2023/11/USDCHFH1-1.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/11/USDCHFH1-1-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/11/USDCHFH1-1-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/11/USDCHFH1-1-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>USD/CHF (US Dollar vs Swiss Franc)</figcaption></figure><p>USD/CHF finalized a correction wave at 0.9024. A growth structure to 0.9064 might materialize today, followed by an expected downward link to 0.9010.</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/2023/11/AUDUSDH1-1.png" alt="AUD/USD (Australian Dollar vs US Dollar)" class="wp-image-18856" srcset="https://blog.roboforex.com/wp-content/uploads/2023/11/AUDUSDH1-1.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/11/AUDUSDH1-1-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/11/AUDUSDH1-1-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/11/AUDUSDH1-1-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>AUD/USD (Australian Dollar vs US Dollar)</figcaption></figure><p>AUD/USD formed a consolidation range around 0.6355 and completed the wave at 0.6430 with an upward breakout. A decline to 0.6375 might transpire today, followed by a new upward structure to 0.6444.</p>
<h2>BRENT</h2>
<figure><img decoding="async" loading="lazy" width="1592" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/11/BRENTH1-1.png" alt="BRENT" class="wp-image-18855" srcset="https://blog.roboforex.com/wp-content/uploads/2023/11/BRENTH1-1.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/11/BRENTH1-1-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/11/BRENTH1-1-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/11/BRENTH1-1-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>BRENT</figcaption></figure><p>Brent rounded off an upward wave at 87.07. Today, the market introduced a declining structure to 84.45. Currently, a consolidation range is shaping up above this level. A breakout to the upside might initiate an upward wave to 89.33. In the event of a downward breakout, it could pave the way for an extended correction to 81.50.</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/2023/11/XAUUSDH4-1.png" alt="XAU/USD (Gold vs US Dollar)" class="wp-image-18854" srcset="https://blog.roboforex.com/wp-content/uploads/2023/11/XAUUSDH4-1.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/11/XAUUSDH4-1-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/11/XAUUSDH4-1-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/11/XAUUSDH4-1-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>XAU/USD (Gold vs US Dollar)</figcaption></figure><p>Gold reached the culmination of a declining wave at 1970.60. A correction to 1990.70 may be forthcoming. Afterward, a new descending wave to 1928.22 could commence. This constitutes 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/2023/11/US500CashH1-1.png" alt="S&P 500" class="wp-image-18861" srcset="https://blog.roboforex.com/wp-content/uploads/2023/11/US500CashH1-1.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/11/US500CashH1-1-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/11/US500CashH1-1-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/11/US500CashH1-1-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>S&P 500</figcaption></figure><p>The stock index concluded an upward wave at 4252.0. A consolidation range might emerge today around this level, possibly extending to 4258.0. Subsequently, a correction to 4180.0 might kick off.</p>
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