Technical Analysis & Forecast November 21, 2023
<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/TA_9-360×360.jpg" class="attachment-thumbnail size-thumbnail wp-post-image" alt="Technical Analysis & Forecast" style="margin-bottom: 15px;" decoding="async" loading="lazy" /></div><p><a href="https://roboforex.com/beginners/info/charts/forex/gbpusd/" data-internallinksmanager029f6b8e52c="36" title="GBP/USD">GBP</a> Initiates a Downtrend: An Overview Covering <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/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, <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 loading="lazy" decoding="async" width="1567" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/11/EURUSDH1-12.png" alt="EUR/USD (Euro vs US Dollar)" class="wp-image-19156" srcset="https://blog.roboforex.com/wp-content/uploads/2023/11/EURUSDH1-12.png 1567w, https://blog.roboforex.com/wp-content/uploads/2023/11/EURUSDH1-12-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/11/EURUSDH1-12-768×346.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/11/EURUSDH1-12-1536×691.png 1536w" sizes="(max-width: 1567px) 100vw, 1567px" /><figcaption>EUR/USD (Euro vs US Dollar)</figcaption></figure><p>The potential for an upward surge in EUR/USD seems nearly depleted around the 1.0964 mark. A forthcoming consolidation range is anticipated around this level. Should there be a downward breakout from this range, a downtrend to 1.0894 is foreseeable. If this level is breached as well, the potential for a sustained downtrend to 1.0823 may open up. This marks the initial target.</p>
<h2>GBP/USD (Great Britain Pound vs US Dollar)</h2>
<figure><img loading="lazy" decoding="async" width="1567" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/11/GBPUSDH1-13.png" alt="GBP/USD (Great Britain Pound vs US Dollar)" class="wp-image-19155" srcset="https://blog.roboforex.com/wp-content/uploads/2023/11/GBPUSDH1-13.png 1567w, https://blog.roboforex.com/wp-content/uploads/2023/11/GBPUSDH1-13-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/11/GBPUSDH1-13-768×346.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/11/GBPUSDH1-13-1536×691.png 1536w" sizes="(max-width: 1567px) 100vw, 1567px" /><figcaption>GBP/USD (Great Britain Pound vs US Dollar)</figcaption></figure><p>GBP/USD has essentially exhausted its potential for an upward surge, reaching 1.2538. A new consolidation range is expected to take shape around this level. If there's a downward breakout, a decline wave to 1.2455 could commence. Subsequently, if this level is breached, the potential for a downward trend to 1.2374 might emerge. This stands as the initial target.</p>
<h2>USD/JPY (US Dollar vs Japanese Yen)</h2>
<figure><img loading="lazy" decoding="async" width="1567" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/11/USDJPYH1-13.png" alt="USD/JPY (US Dollar vs Japanese Yen)" class="wp-image-19154" srcset="https://blog.roboforex.com/wp-content/uploads/2023/11/USDJPYH1-13.png 1567w, https://blog.roboforex.com/wp-content/uploads/2023/11/USDJPYH1-13-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/11/USDJPYH1-13-768×346.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/11/USDJPYH1-13-1536×691.png 1536w" sizes="(max-width: 1567px) 100vw, 1567px" /><figcaption>USD/JPY (US Dollar vs Japanese Yen)</figcaption></figure><p>USD/JPY has concluded a downtrend at 147.37. A new consolidation range is anticipated to form around this level. Should there be an upward breakout from this range, a new upward wave to 148.70 could initiate. Following this, a decline to 148.00 might follow, succeeded by a rise to 149.40, from where the trend could proceed to 150.05. This marks the initial target.</p>
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<h2>USD/CHF (US Dollar vs Swiss Franc)</h2>
<figure><img loading="lazy" decoding="async" width="1567" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/11/USDCHFH4-4.png" alt="USD/CHF (US Dollar vs Swiss Franc)" class="wp-image-19153" srcset="https://blog.roboforex.com/wp-content/uploads/2023/11/USDCHFH4-4.png 1567w, https://blog.roboforex.com/wp-content/uploads/2023/11/USDCHFH4-4-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/11/USDCHFH4-4-768×346.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/11/USDCHFH4-4-1536×691.png 1536w" sizes="(max-width: 1567px) 100vw, 1567px" /><figcaption>USD/CHF (US Dollar vs Swiss Franc)</figcaption></figure><p>USD/CHF continues to shape a consolidation range above 0.8826. A downtrend to 0.8808 is not ruled out. Subsequently, a rise to the 0.8900 level might follow, from where the trend could persist to 0.9010. This serves as the initial target.</p>
<h2>AUD/USD (Australian Dollar vs US Dollar)</h2>
<figure><img loading="lazy" decoding="async" width="1567" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/11/AUDUSDH1-13.png" alt="AUD/USD (Australian Dollar vs US Dollar)" class="wp-image-19152" srcset="https://blog.roboforex.com/wp-content/uploads/2023/11/AUDUSDH1-13.png 1567w, https://blog.roboforex.com/wp-content/uploads/2023/11/AUDUSDH1-13-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/11/AUDUSDH1-13-768×346.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/11/AUDUSDH1-13-1536×691.png 1536w" sizes="(max-width: 1567px) 100vw, 1567px" /><figcaption>AUD/USD (Australian Dollar vs US Dollar)</figcaption></figure><p>AUD/USD has used up its potential for an upward surge at the 0.6583 level. A consolidation range might emerge around this level today. If there's a downward breakout, a new downtrend to 0.6506 could form. This is the initial target.</p>
<h2>BRENT</h2>
<figure><img loading="lazy" decoding="async" width="1567" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/11/BRENTH1-13.png" alt="BRENT" class="wp-image-19151" srcset="https://blog.roboforex.com/wp-content/uploads/2023/11/BRENTH1-13.png 1567w, https://blog.roboforex.com/wp-content/uploads/2023/11/BRENTH1-13-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/11/BRENTH1-13-768×346.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/11/BRENTH1-13-1536×691.png 1536w" sizes="(max-width: 1567px) 100vw, 1567px" /><figcaption>BRENT</figcaption></figure><p>Brent continues to develop an upward surge to 83.33. Once this level is reached, a correction to 80.75 might ensue. After the correction concludes, a fresh upward movement to 84.84 could unfold. This serves as the initial target.</p>
<h2>XAU/USD (Gold vs US Dollar)</h2>
<figure><img loading="lazy" decoding="async" width="1567" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/11/XAUUSDH4-13.png" alt="XAU/USD (Gold vs US Dollar)" class="wp-image-19150" srcset="https://blog.roboforex.com/wp-content/uploads/2023/11/XAUUSDH4-13.png 1567w, https://blog.roboforex.com/wp-content/uploads/2023/11/XAUUSDH4-13-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/11/XAUUSDH4-13-768×346.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/11/XAUUSDH4-13-1536×691.png 1536w" sizes="(max-width: 1567px) 100vw, 1567px" /><figcaption>XAU/USD (Gold vs US Dollar)</figcaption></figure><p>Gold is consistently forming a consolidation range around 1987.00. Today, the market has expanded the range upwards to 1994.22. A decline to 1969.00 is anticipated. If there's a downward breakout from this level, the potential for a downtrend to 1917.90 might materialize. This marks the initial target.</p>
<h2>S&P 500</h2>
<figure><img loading="lazy" decoding="async" width="1567" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/11/US500CashH1-13.png" alt="S&P 500" class="wp-image-19149" srcset="https://blog.roboforex.com/wp-content/uploads/2023/11/US500CashH1-13.png 1567w, https://blog.roboforex.com/wp-content/uploads/2023/11/US500CashH1-13-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/11/US500CashH1-13-768×346.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/11/US500CashH1-13-1536×691.png 1536w" sizes="(max-width: 1567px) 100vw, 1567px" /><figcaption>S&P 500</figcaption></figure><p>The stock index has extended its range to 4558.5. A decline to 4522.0 might transpire today. With a downward breakout from this level, the potential for a trend to 4487.7 might unfold. This is the initial target. Subsequently, a correction to 4522.0 might follow (a test from below)</p>
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