Technical Analysis & Forecast October 10, 2023
<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/TA_4-360×360.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/metals/xauusd/" data-internallinksmanager029f6b8e52c="43" title="XAU/USD">Gold</a> Initiates a Correction. This overview also delves into 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/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, and the S&P 500 index.</p>
<h2>EUR/USD (Euro vs US Dollar)</h2>
<figure><img decoding="async" width="1592" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDH1-5.png" alt="EUR/USD (Euro vs US Dollar)" class="wp-image-18373" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDH1-5.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDH1-5-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDH1-5-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDH1-5-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>EUR/USD (Euro vs US Dollar)</figcaption></figure><p>EUR/USD has engaged in a corrective motion, reaching 1.0519. Today, the market continues its upward movement towards 1.0595. Following this, a consolidation range may establish around this level. If an upward breakout occurs, it could trigger a surge to 1.0670. Additionally, a corrective retrace to 1.0595 is possible (with a test from above). Upon completion of this correction, a growth wave to 1.0707 might initiate. This is a local target.</p>
<h2>GBP/USD (Great Britain Pound vs US Dollar)</h2>
<figure><img decoding="async" width="1592" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-6.png" alt="GBP/USD (Great Britain Pound vs US Dollar)" class="wp-image-18372" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-6.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-6-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-6-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-6-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>GBP/USD (Great Britain Pound vs US Dollar)</figcaption></figure><p>GBP/USD underwent a downward move to 1.2163. Today, the market surged to 1.2242. Currently, a consolidation range is forming around this level, with potential for an upward breakout reaching 1.2375. This stands as a local target. Subsequently, a correction to 1.2242 (with a test from above) might precede a rise to the 1.2444 level.</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/USDJPYH1-6.png" alt="USD/JPY (US Dollar vs Japanese Yen)" class="wp-image-18371" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/USDJPYH1-6.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDJPYH1-6-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDJPYH1-6-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDJPYH1-6-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>USD/JPY (US Dollar vs Japanese Yen)</figcaption></figure><p>USD/JPY completed a growth wave to 149.52 followed by a correction to 148.16. Today, the market commenced another rising wave towards 149.40. A breakout at this level could trigger a wave up to 150.55. This is a local target.</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/USDCHFH1-6.png" alt="USD/CHF (US Dollar vs Swiss Franc)" class="wp-image-18370" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/USDCHFH1-6.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDCHFH1-6-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDCHFH1-6-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDCHFH1-6-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>USD/CHF (US Dollar vs Swiss Franc)</figcaption></figure><p>USD/CHF formed a consolidation range around 0.9083. Today, the market broke out of this range in a downward direction. There is potential for a decline to 0.8991, constituting a local target. After reaching this level, a price correction to 0.9083 (with a test from below) may precede a decline to 0.8928.</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/AUDUSDH1-6.png" alt="AUD/USD (Australian Dollar vs US Dollar)" class="wp-image-18369" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/AUDUSDH1-6.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/AUDUSDH1-6-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/AUDUSDH1-6-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/AUDUSDH1-6-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>AUD/USD (Australian Dollar vs US Dollar)</figcaption></figure><p>AUD/USD established an upward link to 0.6430. Today, a corrective link to 0.6386 could form, subsequently leading to a rise to 0.6460, marking a local target. An extension of this upward wave to 0.6488 is also possible.</p>
<h2>BRENT</h2>
<figure><img decoding="async" loading="lazy" width="1592" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH4-3.png" alt="BRENT" class="wp-image-18368" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH4-3.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH4-3-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH4-3-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH4-3-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>BRENT</figcaption></figure><p>Brent is currently forming a consolidation range above 86.00. An upward breakout to 89.00 is anticipated as the first target. Following this, a correction to 86.00 may follow (with a test from above). Post-correction, a new growth wave to 94.00 might initiate, paving the way for the <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 reach 97.07.</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/XAUUSDH1-6.png" alt="XAU/USD (Gold vs US Dollar)" class="wp-image-18367" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/XAUUSDH1-6.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/XAUUSDH1-6-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/XAUUSDH1-6-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/XAUUSDH1-6-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>XAU/USD (Gold vs US Dollar)</figcaption></figure><p>Gold completed an upward wave to 1865.18. Today, the market is forming a corrective structure to 1844.20 (with a test from above). After reaching this level, the quotes could rise to 1877.70 and then drop to 1844.10.</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/US500CashM30.png" alt="S&P 500" class="wp-image-18366" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/US500CashM30.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/US500CashM30-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/US500CashM30-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/US500CashM30-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>S&P 500</figcaption></figure><p>The stock index formed a consolidation range around 4276.0. Today, the market broke out of this range upward, initiating a growth wave to 4344.3. This stands as a local target. A correction to 4276.0 might begin (with a test from above). Following this, the quotes could rise to 4351.5.</p>
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