Technical Analysis & Forecast November 16, 2023
<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/TA_6-360×360.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/usdchf/" data-internallinksmanager029f6b8e52c="39" title="USD/CHF">CHF</a> Initiates a New Growth Phase. This overview also outlines 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/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="1567" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/11/EURUSDH1-9.png" alt="EUR/USD (Euro vs US Dollar)" class="wp-image-19084" srcset="https://blog.roboforex.com/wp-content/uploads/2023/11/EURUSDH1-9.png 1567w, https://blog.roboforex.com/wp-content/uploads/2023/11/EURUSDH1-9-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/11/EURUSDH1-9-768×346.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/11/EURUSDH1-9-1536×691.png 1536w" sizes="(max-width: 1567px) 100vw, 1567px" /><figcaption>EUR/USD (Euro vs US Dollar)</figcaption></figure><p>The EUR/USD pair concluded a downward <a href="https://blog.roboforex.com/blog/2019/11/12/momentum-efficient-oscillator-or-trend-indicator/" data-internallinksmanager029f6b8e52c="96" title="Momentum">momentum</a> at 1.0860, followed by a correction to 1.0868. Presently, the market is navigating within a descending wave towards 1.0790. Following this level, a potential upswing to 1.0829 is plausible (with a test from below). Subsequently, a decline to 1.0770 may ensue. This is the initial target.</p>
<h2>GBP/USD (Great Britain Pound vs US Dollar)</h2>
<figure><img decoding="async" width="1567" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/11/GBPUSDH1-10.png" alt="GBP/USD (Great Britain Pound vs US Dollar)" class="wp-image-19083" srcset="https://blog.roboforex.com/wp-content/uploads/2023/11/GBPUSDH1-10.png 1567w, https://blog.roboforex.com/wp-content/uploads/2023/11/GBPUSDH1-10-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/11/GBPUSDH1-10-768×346.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/11/GBPUSDH1-10-1536×691.png 1536w" sizes="(max-width: 1567px) 100vw, 1567px" /><figcaption>GBP/USD (Great Britain Pound vs US Dollar)</figcaption></figure><p>The GBP/USD pair wrapped up a declining momentum at 1.2424. Currently, a consolidation range has taken shape around this level. In the event of a downward breakout, the trend might extend to 1.2345. This is the preliminary target.</p>
<h2>USD/JPY (US Dollar vs Japanese Yen)</h2>
<figure><img decoding="async" loading="lazy" width="1567" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/11/USDJPYH1-10.png" alt="USD/JPY (US Dollar vs Japanese Yen)" class="wp-image-19082" srcset="https://blog.roboforex.com/wp-content/uploads/2023/11/USDJPYH1-10.png 1567w, https://blog.roboforex.com/wp-content/uploads/2023/11/USDJPYH1-10-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/11/USDJPYH1-10-768×346.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/11/USDJPYH1-10-1536×691.png 1536w" sizes="(max-width: 1567px) 100vw, 1567px" /><figcaption>USD/JPY (US Dollar vs Japanese Yen)</figcaption></figure><p>USD/JPY completed a descending wave to 150.04, followed by an upward momentum to 151.23 today. At present, a consolidation range is shaping up around this level. A breakout to the upside could open the door to a rising wave towards 152.20.</p>
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<h2>USD/CHF (US Dollar vs Swiss Franc)</h2>
<figure><img decoding="async" loading="lazy" width="1567" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/11/USDCHFH4-1.png" alt="USD/CHF (US Dollar vs Swiss Franc)" class="wp-image-19081" srcset="https://blog.roboforex.com/wp-content/uploads/2023/11/USDCHFH4-1.png 1567w, https://blog.roboforex.com/wp-content/uploads/2023/11/USDCHFH4-1-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/11/USDCHFH4-1-768×346.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/11/USDCHFH4-1-1536×691.png 1536w" sizes="(max-width: 1567px) 100vw, 1567px" /><figcaption>USD/CHF (US Dollar vs Swiss Franc)</figcaption></figure><p>USD/CHF concluded a downward wave at 0.8855. Presently, the market is establishing a consolidation range above this level. An upward breakout from the range, extending the wave to 0.9013, is anticipated. This marks the first target.</p>
<h2>AUD/USD (Australian Dollar vs US Dollar)</h2>
<figure><img decoding="async" loading="lazy" width="1567" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/11/AUDUSDH1-10.png" alt="AUD/USD (Australian Dollar vs US Dollar)" class="wp-image-19080" srcset="https://blog.roboforex.com/wp-content/uploads/2023/11/AUDUSDH1-10.png 1567w, https://blog.roboforex.com/wp-content/uploads/2023/11/AUDUSDH1-10-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/11/AUDUSDH1-10-768×346.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/11/AUDUSDH1-10-1536×691.png 1536w" sizes="(max-width: 1567px) 100vw, 1567px" /><figcaption>AUD/USD (Australian Dollar vs US Dollar)</figcaption></figure><p>AUD/USD completed a downward momentum to 0.6484 and a correction to 0.6530. Today, the market is extending the descending wave to 0.6433. Subsequently, a corrective phase to 0.6480 is plausible.</p>
<h2>BRENT</h2>
<figure><img decoding="async" loading="lazy" width="1567" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/11/BRENTH1-10.png" alt="BRENT" class="wp-image-19079" srcset="https://blog.roboforex.com/wp-content/uploads/2023/11/BRENTH1-10.png 1567w, https://blog.roboforex.com/wp-content/uploads/2023/11/BRENTH1-10-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/11/BRENTH1-10-768×346.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/11/BRENTH1-10-1536×691.png 1536w" sizes="(max-width: 1567px) 100vw, 1567px" /><figcaption>BRENT</figcaption></figure><p>Brent finalized a consolidation range around 81.77 and is extending a downward wave to 79.79 with a breakout from the range downwards. After reaching this level, a new upward wave to 83.70 may commence, leading to a potential continuation to 85.33. This is a local target.</p>
<h2>XAU/USD (Gold vs US Dollar)</h2>
<figure><img decoding="async" loading="lazy" width="1567" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/11/XAUUSDH4-10.png" alt="XAU/USD (Gold vs US Dollar)" class="wp-image-19078" srcset="https://blog.roboforex.com/wp-content/uploads/2023/11/XAUUSDH4-10.png 1567w, https://blog.roboforex.com/wp-content/uploads/2023/11/XAUUSDH4-10-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/11/XAUUSDH4-10-768×346.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/11/XAUUSDH4-10-1536×691.png 1536w" sizes="(max-width: 1567px) 100vw, 1567px" /><figcaption>XAU/USD (Gold vs US Dollar)</figcaption></figure><p>Gold initiated a downward momentum to 1955.40. A correction to 1966.00 is plausible. Next, an anticipated downward wave to 1948.00 may occur, paving the way for a potential continuation to 1922.75.</p>
<h2>S&P 500</h2>
<figure><img decoding="async" loading="lazy" width="1567" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/11/US500CashH1-10.png" alt="S&P 500" class="wp-image-19077" srcset="https://blog.roboforex.com/wp-content/uploads/2023/11/US500CashH1-10.png 1567w, https://blog.roboforex.com/wp-content/uploads/2023/11/US500CashH1-10-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/11/US500CashH1-10-768×346.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/11/US500CashH1-10-1536×691.png 1536w" sizes="(max-width: 1567px) 100vw, 1567px" /><figcaption>S&P 500</figcaption></figure><p>The stock index formed a downward momentum to 4499.0. Today, a corrective phase to 4510.0 is expected. Following this, a new downward movement to 4470.0 may transpire, setting the stage for a potential continuation to 4455.0. This represents the initial target.</p>
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