Technical Analysis & Forecast October 17, 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" 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> Prepares for a Downturn: Insights into <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 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/EURUSDH1-11.png" alt="EUR/USD (Euro vs US Dollar)" class="wp-image-18522" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDH1-11.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDH1-11-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDH1-11-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDH1-11-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>EUR/USD (Euro vs US Dollar)</figcaption></figure><p>EUR/USD recently wrapped up a corrective wave, reaching 1.0562. Today, the market is embarking on a downward trajectory to 1.0502. If this level is breached, a potential further dip to 1.0444 might occur. Following this, a correction to 1.0502 (likely tested from below) is plausible.</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/GBPUSDH1-11.png" alt="GBP/USD (Great Britain Pound vs US Dollar)" class="wp-image-18521" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-11.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-11-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-11-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-11-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>GBP/USD (Great Britain Pound vs US Dollar)</figcaption></figure><p>GBP/USD concluded a corrective wave at 1.2218. It is now tracing a downward movement to 1.2141. If this level is breached, a path to 1.2066 might unfold. Upon reaching this level, an upswing to 1.2141 (probably tested from below) is anticipated, followed by an anticipated decline to 1.1953.</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/USDJPYH1-11.png" alt="USD/JPY (US Dollar vs Japanese Yen)" class="wp-image-18520" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/USDJPYH1-11.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDJPYH1-11-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDJPYH1-11-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDJPYH1-11-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>USD/JPY (US Dollar vs Japanese Yen)</figcaption></figure><p>USD/JPY remains in a consolidation range near 149.49, lacking a strong <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>. An escape from this range downwards might prompt a correction to 148.98. Conversely, an upward breakout could lead to a rise 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/USDCHFH1-11.png" alt="USD/CHF (US Dollar vs Swiss Franc)" class="wp-image-18519" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/USDCHFH1-11.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDCHFH1-11-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDCHFH1-11-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDCHFH1-11-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>USD/CHF (US Dollar vs Swiss Franc)</figcaption></figure><p>USD/CHF has successfully corrected to 0.8993. Presently, the market is initiating an upward trajectory to 0.9044. A breach of this level could set the stage for a growth wave to 0.9090, constituting the first target. Subsequently, a decline to 0.9044 (likely tested from above) may precede a rise to 0.9244.</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/AUDUSDH1-11.png" alt="AUD/USD (Australian Dollar vs US Dollar)" class="wp-image-18518" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/AUDUSDH1-11.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/AUDUSDH1-11-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/AUDUSDH1-11-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/AUDUSDH1-11-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>AUD/USD (Australian Dollar vs US Dollar)</figcaption></figure><p>AUD/USD concluded a corrective wave at 0.6366. An impending decline to 0.6315 is anticipated. Should this level be surpassed, a potential downswing to 0.6265 might manifest. A subsequent correction to 0.6315 (probably tested from below) is projected, followed by a decline 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/BRENTH1-4.png" alt="BRENT" class="wp-image-18517" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH1-4.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH1-4-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH1-4-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH1-4-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>BRENT</figcaption></figure><p>Brent is consolidating around 89.10. A downward breakout may trigger a corrective move to 87.77. Conversely, an upward escape could extend the growth wave to 92.92, marking the initial 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/XAUUSDH4-1.png" alt="XAU/USD (Gold vs US Dollar)" class="wp-image-18516" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/XAUUSDH4-1.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/XAUUSDH4-1-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/XAUUSDH4-1-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/XAUUSDH4-1-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>XAU/USD (Gold vs US Dollar)</figcaption></figure><p>Gold is establishing a consolidation range below 1927.00. A downside breakout might propel a decline to 1870.00. Upon reaching this level, an upswing to 1898.00 and a subsequent decline to 1820.30 might follow. These levels constitute local targets.</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/US500CashH1-9.png" alt="S&P 500" class="wp-image-18515" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/US500CashH1-9.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/US500CashH1-9-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/US500CashH1-9-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/US500CashH1-9-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>S&P 500</figcaption></figure><p>The stock index wrapped up a correction wave at 4384.5. An impending decline to 4343.0 is likely. A breach of this level could pave the way for a downturn to 4232.0, representing a local target.</p>
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