Technical Analysis & Forecast October 16, 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 Continues its Upward <a title="<div class="wpg-tooltip-content"><p>Momentum is an indicator of the speed and direction of price change over a specific time frame.</p></div>" href="https://blog.roboforex.com/glossary-terms/momentum/">Momentum</a>. 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>, <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="1592" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDH1-10.png" alt="EUR/USD (Euro vs US Dollar)" class="wp-image-18504" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDH1-10.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDH1-10-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDH1-10-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDH1-10-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>EUR/USD (Euro vs US Dollar)</figcaption></figure><p>EUR/USD has concluded a downward wave, reaching 1.0500. A corrective bounce to 1.0535 is anticipated for today (with a test from below). Following this level, prices could decline to 1.0467. If this level is breached, 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> might persist towards 1.0374.</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/GBPUSDH1-10.png" alt="GBP/USD (Great Britain Pound vs US Dollar)" class="wp-image-18501" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-10.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-10-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-10-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-10-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>GBP/USD (Great Britain Pound vs US Dollar)</figcaption></figure><p>GBP/USD has finished a descending wave at 1.2122. Today, prices could correct to 1.2191 (with a test from below). Subsequently, the downward wave might extend to 1.2054, after which the trend could continue to 1.1959.</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/USDJPYH1-10.png" alt="USD/JPY (US Dollar vs Japanese Yen)" class="wp-image-18500" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/USDJPYH1-10.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDJPYH1-10-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDJPYH1-10-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDJPYH1-10-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>USD/JPY (US Dollar vs Japanese Yen)</figcaption></figure><p>USD/JPY is currently consolidating around 149.49. A downward breakout from this range could potentially lead to a correction to 148.98. Conversely, an upward breakout could initiate a rising wave to 150.75.</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/USDCHFH1-10.png" alt="USD/CHF (US Dollar vs Swiss Franc)" class="wp-image-18499" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/USDCHFH1-10.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDCHFH1-10-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDCHFH1-10-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDCHFH1-10-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>USD/CHF (US Dollar vs Swiss Franc)</figcaption></figure><p>USD/CHF has wrapped up a decline, reaching 0.9000. The market is currently forming a consolidation range above this level. A breakout from this range towards the upside might trigger a rising phase to 0.9102. Following this, a correction to 0.9040 is likely.</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/AUDUSDH1-10.png" alt="AUD/USD (Australian Dollar vs US Dollar)" class="wp-image-18498" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/AUDUSDH1-10.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/AUDUSDH1-10-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/AUDUSDH1-10-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/AUDUSDH1-10-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>AUD/USD (Australian Dollar vs US Dollar)</figcaption></figure><p>AUD/USD has completed a declining wave to 0.6285. A correction to 0.6345 is anticipated today (with a test from below). Subsequently, the declining wave might extend to 0.6203, and from there, the trend could continue to 0.6191.</p>
<h2>BRENT</h2>
<figure><img decoding="async" loading="lazy" width="1592" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH1-3.png" alt="BRENT" class="wp-image-18505" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH1-3.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH1-3-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH1-3-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH1-3-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>BRENT</figcaption></figure><p>Brent has concluded an upward wave, reaching 90.00. A consolidation range is taking shape beneath this level today. In the event of a downward breakout, a corrective decline to 89.00 is plausible. However, an upward breakout could propel a rising wave to 93.39. This is the immediate 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/XAUUSDH4.png" alt="XAU/USD (Gold vs US Dollar)" class="wp-image-18497" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/XAUUSDH4.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/XAUUSDH4-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/XAUUSDH4-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/XAUUSDH4-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>XAU/USD (Gold vs US Dollar)</figcaption></figure><p>Gold has established a consolidation range around 1869.20 and completed an upward wave to 1926.00 by breaking out of this range. A correction to 1855.00 might transpire today. Next, an upward link to 1888.00, followed by a decline to 1820.22, is expected. 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/US500CashH1-8.png" alt="S&P 500" class="wp-image-18496" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/US500CashH1-8.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/US500CashH1-8-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/US500CashH1-8-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/US500CashH1-8-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>S&P 500</figcaption></figure><p>The stock index has wrapped up a declining wave at 4311.0. Subsequently, a correction to 4355.0 could follow. Once this phase concludes, a new declining wave to 4255.5 might take shape. This represents the immediate target.</p>
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