Technical Analysis & Forecast October 09, 2023
<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/TA_3-360×360.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/eurusd/" data-internallinksmanager029f6b8e52c="35" title="EUR/USD">EUR</a> Could See Further Correction: Insights into <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, <a href="https://roboforex.com/beginners/info/charts/metals/xauusd/" data-internallinksmanager029f6b8e52c="43" title="XAU/USD">Gold</a>, and S&P 500</p>
<h2>EUR/USD (Euro vs US Dollar)</h2>
<figure><img decoding="async" loading="lazy" width="1592" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDM30.png" alt="EUR/USD (Euro vs US Dollar)" class="wp-image-18353" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDM30.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDM30-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDM30-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDM30-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>EUR/USD (Euro vs US Dollar)</figcaption></figure><p>EUR/USD experienced a corrective move down to 1.0566 and a subsequent dip to 1.0482. Recent market dynamics saw a upward surge to 1.0599, presently undergoing correction. A potential downward move to 1.0522 cannot be ruled out today. Following this correction, an upward movement to 1.0685 might be anticipated. This stands as a local target.</p>
<h2>GBP/USD (Great Britain Pound vs US Dollar)</h2>
<figure><img decoding="async" loading="lazy" width="1592" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-5.png" alt="GBP/USD (Great Britain Pound vs US Dollar)" class="wp-image-18352" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-5.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-5-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-5-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-5-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>GBP/USD (Great Britain Pound vs US Dollar)</figcaption></figure><p>GBP/USD initiated a downward <a title="<div class="wpg-tooltip-content"><p>A trend is a direction in which the market or the price of an instrument is moving. Trends can be upward, downward or sideways and are common to all types of markets.</p></div>" href="https://blog.roboforex.com/glossary-terms/trend/">trend</a> to 1.2105, followed by a rise to 1.2260 amid recent news. The market could potentially extend the correction to 1.2370. This is the local target.</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/2023/10/USDJPYH1-5.png" alt="USD/JPY (US Dollar vs Japanese Yen)" class="wp-image-18351" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/USDJPYH1-5.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDJPYH1-5-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDJPYH1-5-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDJPYH1-5-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>USD/JPY (US Dollar vs Japanese Yen)</figcaption></figure><p>USD/JPY is currently consolidating above 148.99 and might rise to 149.83 today. A breakout at this level could open the path for a rise to 149.88, followed by a decline to 149.06 (with a test from above), and then a surge to 150.88.</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/2023/10/USDCHFH1-5.png" alt="USD/CHF (US Dollar vs Swiss Franc)" class="wp-image-18350" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/USDCHFH1-5.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDCHFH1-5-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDCHFH1-5-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDCHFH1-5-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>USD/CHF (US Dollar vs Swiss Franc)</figcaption></figure><p>USD/CHF has shown an upward move to 0.9174 and later a downward impulse to 0.9072. The market might extend the correction to 0.9024, a local target, and then rise to 0.9100.</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/2023/10/AUDUSDH1-5.png" alt="AUD/USD (Australian Dollar vs US Dollar)" class="wp-image-18349" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/AUDUSDH1-5.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/AUDUSDH1-5-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/AUDUSDH1-5-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/AUDUSDH1-5-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>AUD/USD (Australian Dollar vs US Dollar)</figcaption></figure><p>AUD/USD experienced a downward move to 0.6313 and later a rise to 0.6399. A corrective move to 0.6343 is possible. After this correction, growth might continue to 0.6454, which is a local target.</p>
<h2>BRENT</h2>
<figure><img decoding="async" loading="lazy" width="1592" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH1-2.png" alt="BRENT" class="wp-image-18348" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH1-2.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH1-2-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH1-2-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH1-2-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>BRENT</figcaption></figure><p>Brent corrected to 83.00 and then surged to 88.33. The market is currently in a correction phase to 86.00. Following this, the upward movement could persist to 89.20. After reaching this level, a dip to 86.00 might occur, followed by a surge to 93.25, and potentially to 96.18. This is the local 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/2023/10/XAUUSDH1-5.png" alt="XAU/USD (Gold vs US Dollar)" class="wp-image-18347" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/XAUUSDH1-5.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/XAUUSDH1-5-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/XAUUSDH1-5-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/XAUUSDH1-5-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>XAU/USD (Gold vs US Dollar)</figcaption></figure><p>Gold completed a downward wave to 1810.48 and is currently rising to 1856.17. After reaching this level, it might correct to 1833.00 and then ascend to 1879.33. This is 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/2023/10/US500CashH1-5.png" alt="S&P 500" class="wp-image-18346" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/US500CashH1-5.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/US500CashH1-5-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/US500CashH1-5-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/US500CashH1-5-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>S&P 500</figcaption></figure><p>The stock index broke the 4271.0 level upwards and could correct to 4370.0. After this correction, a downward wave might continue to 4200.0. This is a local target.</p>
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