Technical Analysis & Forecast November 20, 2023
<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/TA_8-360×360.jpg" class="attachment-thumbnail size-thumbnail wp-post-image" alt="Technical Analysis & Forecast" decoding="async" style="margin-bottom: 15px;" loading="lazy" /></div><p>Brent sustains its upward <a href="https://blog.roboforex.com/blog/2019/11/12/momentum-efficient-oscillator-or-trend-indicator/" data-internallinksmanager029f6b8e52c="96" title="Momentum">momentum</a>. We will also outline the price 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="1567" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/11/EURUSDH1-11.png" alt="EUR/USD (Euro vs US Dollar)" class="wp-image-19140" srcset="https://blog.roboforex.com/wp-content/uploads/2023/11/EURUSDH1-11.png 1567w, https://blog.roboforex.com/wp-content/uploads/2023/11/EURUSDH1-11-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/11/EURUSDH1-11-768×346.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/11/EURUSDH1-11-1536×691.png 1536w" sizes="(max-width: 1567px) 100vw, 1567px" /><figcaption>EUR/USD (Euro vs US Dollar)</figcaption></figure><p>EUR/USD has breached the upper limit of the consolidation range, paving the way for an extension of the wave to 1.0928. Subsequently, a downturn to 1.0893 is plausible, followed by an ascent to 1.0960. After reaching this level, a descent to 1.0823 might initiate.</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/GBPUSDH1-12.png" alt="GBP/USD (Great Britain Pound vs US Dollar)" class="wp-image-19139" srcset="https://blog.roboforex.com/wp-content/uploads/2023/11/GBPUSDH1-12.png 1567w, https://blog.roboforex.com/wp-content/uploads/2023/11/GBPUSDH1-12-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/11/GBPUSDH1-12-768×346.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/11/GBPUSDH1-12-1536×691.png 1536w" sizes="(max-width: 1567px) 100vw, 1567px" /><figcaption>GBP/USD (Great Britain Pound vs US Dollar)</figcaption></figure><p>GBP/USD has surpassed the upper threshold of the consolidation range, indicating a potential upward movement to 1.2505. A subsequent decline to 1.2455 is feasible, succeeded by a rise to 1.2537. After hitting this level, a fresh downward wave to 1.2374 could commence.</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/USDJPYH1-12.png" alt="USD/JPY (US Dollar vs Japanese Yen)" class="wp-image-19138" srcset="https://blog.roboforex.com/wp-content/uploads/2023/11/USDJPYH1-12.png 1567w, https://blog.roboforex.com/wp-content/uploads/2023/11/USDJPYH1-12-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/11/USDJPYH1-12-768×346.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/11/USDJPYH1-12-1536×691.png 1536w" sizes="(max-width: 1567px) 100vw, 1567px" /><figcaption>USD/JPY (US Dollar vs Japanese Yen)</figcaption></figure><p>USD/JPY is persisting in a downward wave to 148.68. Following this, an upward movement to 150.05 cannot be ruled out. Next, a new descent to 148.22 might unfold.</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/USDCHFH4-3.png" alt="USD/CHF (US Dollar vs Swiss Franc)" class="wp-image-19141" srcset="https://blog.roboforex.com/wp-content/uploads/2023/11/USDCHFH4-3.png 1567w, https://blog.roboforex.com/wp-content/uploads/2023/11/USDCHFH4-3-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/11/USDCHFH4-3-768×346.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/11/USDCHFH4-3-1536×691.png 1536w" sizes="(max-width: 1567px) 100vw, 1567px" /><figcaption>USD/CHF (US Dollar vs Swiss Franc)</figcaption></figure><p>USD/CHF has broken the lower boundary of the consolidation range, indicating a decline to 0.8826. Subsequently, a rise to 0.8853 may follow, after which a downward movement to 0.8807 is plausible. Upon reaching this level, a new upward wave to 0.9012 could ensue.</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/AUDUSDH1-12.png" alt="AUD/USD (Australian Dollar vs US Dollar)" class="wp-image-19137" srcset="https://blog.roboforex.com/wp-content/uploads/2023/11/AUDUSDH1-12.png 1567w, https://blog.roboforex.com/wp-content/uploads/2023/11/AUDUSDH1-12-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/11/AUDUSDH1-12-768×346.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/11/AUDUSDH1-12-1536×691.png 1536w" sizes="(max-width: 1567px) 100vw, 1567px" /><figcaption>AUD/USD (Australian Dollar vs US Dollar)</figcaption></figure><p>AUD/USD has exceeded the upper limit of the consolidation range, signifying another upward movement to 0.6561. After reaching this level, the price may initiate a downward wave to 0.6450.</p>
<h2>BRENT</h2>
<figure><img decoding="async" loading="lazy" width="1567" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/11/BRENTH1-12.png" alt="BRENT" class="wp-image-19136" srcset="https://blog.roboforex.com/wp-content/uploads/2023/11/BRENTH1-12.png 1567w, https://blog.roboforex.com/wp-content/uploads/2023/11/BRENTH1-12-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/11/BRENTH1-12-768×346.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/11/BRENTH1-12-1536×691.png 1536w" sizes="(max-width: 1567px) 100vw, 1567px" /><figcaption>BRENT</figcaption></figure><p>Brent is progressing with an upward wave to 82.25. After reaching this level, the quotes might undergo a correction to 79.25. Upon completion of the correction, a new upward wave to 85.33 might commence. 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/XAUUSDH4-12.png" alt="XAU/USD (Gold vs US Dollar)" class="wp-image-19135" srcset="https://blog.roboforex.com/wp-content/uploads/2023/11/XAUUSDH4-12.png 1567w, https://blog.roboforex.com/wp-content/uploads/2023/11/XAUUSDH4-12-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/11/XAUUSDH4-12-768×346.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/11/XAUUSDH4-12-1536×691.png 1536w" sizes="(max-width: 1567px) 100vw, 1567px" /><figcaption>XAU/USD (Gold vs US Dollar)</figcaption></figure><p>Gold has concluded an upward wave to 1992.80. A descent to 1955.33 is anticipated today. Upon breaking this level, the potential for a downward wave to 1917.55 might unfold. This is 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/US500CashH1-12.png" alt="S&P 500" class="wp-image-19134" srcset="https://blog.roboforex.com/wp-content/uploads/2023/11/US500CashH1-12.png 1567w, https://blog.roboforex.com/wp-content/uploads/2023/11/US500CashH1-12-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/11/US500CashH1-12-768×346.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/11/US500CashH1-12-1536×691.png 1536w" sizes="(max-width: 1567px) 100vw, 1567px" /><figcaption>S&P 500</figcaption></figure><p>The stock index is persisting in forming a consolidation range around 4510.0. The price could expand the range to 4530.0, subsequently dipping to 4487.7. Breaking this level might unleash the potential for a wave to 4447.0. This is a local target.</p>
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