Technical Analysis & Forecast November 17, 2023
<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/TA_7-360×360.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/audusd/" data-internallinksmanager029f6b8e52c="33" title="AUD/USD">AUD</a> may prolong its downward <a href="https://blog.roboforex.com/blog/2019/11/12/momentum-efficient-oscillator-or-trend-indicator/" data-internallinksmanager029f6b8e52c="96" title="Momentum">momentum</a>. In addition, this overview outlines the progression 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>, 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="1567" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/11/EURUSDH1-10.png" alt="EUR/USD (Euro vs US Dollar)" class="wp-image-19094" srcset="https://blog.roboforex.com/wp-content/uploads/2023/11/EURUSDH1-10.png 1567w, https://blog.roboforex.com/wp-content/uploads/2023/11/EURUSDH1-10-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/11/EURUSDH1-10-768×346.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/11/EURUSDH1-10-1536×691.png 1536w" sizes="(max-width: 1567px) 100vw, 1567px" /><figcaption>EUR/USD (Euro vs US Dollar)</figcaption></figure><p>EUR/USD is continuing its consolidation phase around 1.0855. The market has recently expanded the range to 1.0894. There is a possibility that today the range might retract to 1.0813. Subsequently, there could be an upward movement to 1.0855 (with a test from below), followed by a decline to 1.0787. This is considered a local target.</p>
<h2>GBP/USD (Great Britain Pound vs US Dollar)</h2>
<figure><img decoding="async" loading="lazy" width="1567" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/11/GBPUSDH1-11.png" alt="GBP/USD (Great Britain Pound vs US Dollar)" class="wp-image-19095" srcset="https://blog.roboforex.com/wp-content/uploads/2023/11/GBPUSDH1-11.png 1567w, https://blog.roboforex.com/wp-content/uploads/2023/11/GBPUSDH1-11-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/11/GBPUSDH1-11-768×346.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/11/GBPUSDH1-11-1536×691.png 1536w" sizes="(max-width: 1567px) 100vw, 1567px" /><figcaption>GBP/USD (Great Britain Pound vs US Dollar)</figcaption></figure><p>GBP/USD has executed a corrective wave to 1.2454. A decline to 1.2376 may ensue. In the case of a downward breakout from this level, the potential for a decline wave to 1.2294 might manifest. This is identified as a local 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/USDJPYH1-11.png" alt="USD/JPY (US Dollar vs Japanese Yen)" class="wp-image-19096" srcset="https://blog.roboforex.com/wp-content/uploads/2023/11/USDJPYH1-11.png 1567w, https://blog.roboforex.com/wp-content/uploads/2023/11/USDJPYH1-11-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/11/USDJPYH1-11-768×346.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/11/USDJPYH1-11-1536×691.png 1536w" sizes="(max-width: 1567px) 100vw, 1567px" /><figcaption>USD/JPY (US Dollar vs Japanese Yen)</figcaption></figure><p>The USD/JPY pair is persisting in the development of a consolidation range around 150.77. A decline to 150.15 is within the realm of possibility. Following this, a rise to 152.90 could initiate. This is considered a local target.</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/USDCHFH4-2.png" alt="USD/CHF (US Dollar vs Swiss Franc)" class="wp-image-19097" srcset="https://blog.roboforex.com/wp-content/uploads/2023/11/USDCHFH4-2.png 1567w, https://blog.roboforex.com/wp-content/uploads/2023/11/USDCHFH4-2-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/11/USDCHFH4-2-768×346.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/11/USDCHFH4-2-1536×691.png 1536w" sizes="(max-width: 1567px) 100vw, 1567px" /><figcaption>USD/CHF (US Dollar vs Swiss Franc)</figcaption></figure><p>USD/CHF is in the process of forming a consolidation range around 0.8880. A movement of growth to 0.8952 could materialize today, from where the trend might extend to 0.9012.</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/AUDUSDH1-11.png" alt="AUD/USD (Australian Dollar vs US Dollar)" class="wp-image-19098" srcset="https://blog.roboforex.com/wp-content/uploads/2023/11/AUDUSDH1-11.png 1567w, https://blog.roboforex.com/wp-content/uploads/2023/11/AUDUSDH1-11-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/11/AUDUSDH1-11-768×346.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/11/AUDUSDH1-11-1536×691.png 1536w" sizes="(max-width: 1567px) 100vw, 1567px" /><figcaption>AUD/USD (Australian Dollar vs US Dollar)</figcaption></figure><p>The AUD/USD pair is still undergoing a declining wave to 0.6444. This marks the initial target. After reaching this level, a correction to 0.6494 is plausible, followed by a decline to 0.6340.</p>
<h2>BRENT</h2>
<figure><img decoding="async" loading="lazy" width="1567" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/11/BRENTH1-11.png" alt="BRENT" class="wp-image-19101" srcset="https://blog.roboforex.com/wp-content/uploads/2023/11/BRENTH1-11.png 1567w, https://blog.roboforex.com/wp-content/uploads/2023/11/BRENTH1-11-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/11/BRENTH1-11-768×346.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/11/BRENTH1-11-1536×691.png 1536w" sizes="(max-width: 1567px) 100vw, 1567px" /><figcaption>BRENT</figcaption></figure><p>Brent is advancing in its correction phase. It has recently concluded a downward structure at 76.66. A consolidation range might establish itself around this level today. A breakout from the range towards the upside could set in motion a new growth wave to 84.10. This is considered the primary 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/XAUUSDH4-11.png" alt="XAU/USD (Gold vs US Dollar)" class="wp-image-19099" srcset="https://blog.roboforex.com/wp-content/uploads/2023/11/XAUUSDH4-11.png 1567w, https://blog.roboforex.com/wp-content/uploads/2023/11/XAUUSDH4-11-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/11/XAUUSDH4-11-768×346.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/11/XAUUSDH4-11-1536×691.png 1536w" sizes="(max-width: 1567px) 100vw, 1567px" /><figcaption>XAU/USD (Gold vs US Dollar)</figcaption></figure><p>Gold has established a consolidation range around 1955.30. A breakout from the range towards the upside could prolong the correction to 1988.74. Upon completion of the correction, a new decline wave to 1918.20 could initiate. This is identified as a local target.</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/US500CashH1-11.png" alt="S&P 500" class="wp-image-19100" srcset="https://blog.roboforex.com/wp-content/uploads/2023/11/US500CashH1-11.png 1567w, https://blog.roboforex.com/wp-content/uploads/2023/11/US500CashH1-11-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/11/US500CashH1-11-768×346.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/11/US500CashH1-11-1536×691.png 1536w" sizes="(max-width: 1567px) 100vw, 1567px" /><figcaption>S&P 500</figcaption></figure><p>The stock index continues to configure a consolidation range around 4510.0. The range might then expand to 4532.3, after which the quotes might decline to 4532.3. With a downward breakout from this level, the potential for a wave to 4450.0 might be unveiled. This is recognized as a local target.</p>
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