Technical Analysis & Forecast November 03, 2023
<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/TA_22-360×360.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/metals/xauusd/" data-internallinksmanager029f6b8e52c="43" title="XAU/USD">Gold</a> Consolidating Ahead of Expected Decline. This overview also delves 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/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, 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/2023/11/EURUSDH1-2.png" alt="EUR/USD (Euro vs US Dollar)" class="wp-image-18885" srcset="https://blog.roboforex.com/wp-content/uploads/2023/11/EURUSDH1-2.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/11/EURUSDH1-2-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/11/EURUSDH1-2-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/11/EURUSDH1-2-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>EUR/USD (Euro vs US Dollar)</figcaption></figure><p>EUR/USD has wrapped up an upward wave at 1.0666. We anticipate a corrective decline to 1.0590 today (with a retest from above). Furthermore, there's a chance of another upward move to 1.0680. Following this, a descent to 1.0497 might unfold. Presently, a broad consolidation range is taking shape around 1.0590.</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/2023/11/GBPUSDH1-2.png" alt="GBP/USD (Great Britain Pound vs US Dollar)" class="wp-image-18884" srcset="https://blog.roboforex.com/wp-content/uploads/2023/11/GBPUSDH1-2.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/11/GBPUSDH1-2-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/11/GBPUSDH1-2-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/11/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 recently completed an upward wave at 1.2222 and a correction to 1.2166. A drop to 1.2160 is plausible (with a retest from above). This could be followed by another upward movement to 1.2230. Subsequently, a fresh downward wave to 1.2100 could commence.</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/USDJPYH1-2.png" alt="USD/JPY (US Dollar vs Japanese Yen)" class="wp-image-18883" srcset="https://blog.roboforex.com/wp-content/uploads/2023/11/USDJPYH1-2.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/11/USDJPYH1-2-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/11/USDJPYH1-2-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/11/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 finished a corrective wave at 149.86. The market has initiated an upward surge to 150.53 today. We're anticipating a corrective move to 150.19. Once this correction is completed, the price might ascend to 150.90, from where the trend could persist to 151.30.</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/USDCHFH1-2.png" alt="USD/CHF (US Dollar vs Swiss Franc)" class="wp-image-18882" srcset="https://blog.roboforex.com/wp-content/uploads/2023/11/USDCHFH1-2.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/11/USDCHFH1-2-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/11/USDCHFH1-2-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/11/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 wrapped up a corrective wave at 0.9017. Today, there's been an upward impulse to 0.9070. A correction to 0.9041 is expected next. Following that, the pair might rise to 0.9105, extending the trend to 0.9133.</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/AUDUSDH1-2.png" alt="AUD/USD (Australian Dollar vs US Dollar)" class="wp-image-18887" srcset="https://blog.roboforex.com/wp-content/uploads/2023/11/AUDUSDH1-2.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/11/AUDUSDH1-2-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/11/AUDUSDH1-2-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/11/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 recently concluded an upward structure at 0.6455, followed by a corrective move to 0.6412. The quotes could potentially ascend to 0.6437 today. Subsequently, a decline to 0.6390 is anticipated, with the potential for the downward wave to continue to 0.6366.</p>
<h2>BRENT</h2>
<figure><img decoding="async" loading="lazy" width="1592" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/11/BRENTH1-2.png" alt="BRENT" class="wp-image-18886" srcset="https://blog.roboforex.com/wp-content/uploads/2023/11/BRENTH1-2.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/11/BRENTH1-2-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/11/BRENTH1-2-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/11/BRENTH1-2-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>BRENT</figcaption></figure><p>Brent recently completed an upward wave at 87.00. Today, the market is establishing a consolidation range around this level. We're anticipating an upward breakout, leading to further growth to 89.50, which serves as the initial 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/2023/11/XAUUSDH4-2.png" alt="XAU/USD (Gold vs US Dollar)" class="wp-image-18881" srcset="https://blog.roboforex.com/wp-content/uploads/2023/11/XAUUSDH4-2.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/11/XAUUSDH4-2-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/11/XAUUSDH4-2-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/11/XAUUSDH4-2-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>XAU/USD (Gold vs US Dollar)</figcaption></figure><p>Gold wrapped up a correction at 1990.80. A declining structure to 1952.00 might evolve today, extending the trend to 1928.28. This stands as 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/US500CashH1-2.png" alt="S&P 500" class="wp-image-18880" srcset="https://blog.roboforex.com/wp-content/uploads/2023/11/US500CashH1-2.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/11/US500CashH1-2-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/11/US500CashH1-2-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/11/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 the midst of an ascending wave to 4330.0. Upon reaching this level, we expect the price to establish a consolidation range below it. If there's a downward breakout from this range, a fresh declining wave to 4255.0 might initiate, from where the trend could continue to 4175.0. This is the initial target.</p>
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