Technical Analysis & Forecast October 18, 2023
<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/TA_10-360×360.jpg" class="attachment-thumbnail size-thumbnail wp-post-image" alt="Technical Analysis & Forecast" decoding="async" style="margin-bottom: 15px;" loading="lazy" /></div><p>S&P 500 Index Consolidation Precedes Anticipated Decline: A Comprehensive Overview 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 <a href="https://roboforex.com/beginners/info/charts/metals/xauusd/" data-internallinksmanager029f6b8e52c="43" title="XAU/USD">Gold</a></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/EURUSDH1-12.png" alt="EUR/USD (Euro vs US Dollar)" class="wp-image-18609" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDH1-12.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDH1-12-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDH1-12-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDH1-12-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>EUR/USD (Euro vs US Dollar)</figcaption></figure><p>EUR/USD finds support at 1.0533. Today, the market is displaying an upward movement towards 1.0599. Once this level is reached, a downward correction to 1.0565 may occur, likely testing from above. There's a possibility of a consolidation range forming around 1.0565. An upward breakout from the range could continue the correction wave to 1.0640, while a downward breakout might lead to a decline to 1.0500.</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/GBPUSDH1-12.png" alt="GBP/USD (Great Britain Pound vs US Dollar)" class="wp-image-18608" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-12.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-12-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-12-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-12-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>GBP/USD (Great Britain Pound vs US Dollar)</figcaption></figure><p>GBP/USD finds support at 1.2133 and continues its upward trajectory towards 1.2242. A subsequent decline to 1.2112 could ensue, forming a wide consolidation range around 1.2160.</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/USDJPYH1-12.png" alt="USD/JPY (US Dollar vs Japanese Yen)" class="wp-image-18607" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/USDJPYH1-12.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDJPYH1-12-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDJPYH1-12-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDJPYH1-12-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>USD/JPY (US Dollar vs Japanese Yen)</figcaption></figure><p>USD/JPY has completed a growth wave up to 149.84. Presently, the market is consolidating below this level. An upward breakout might sustain the rise to 159.15, with a subsequent decline to 149.70. The next move could entail an increase 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/USDCHFH1-12.png" alt="USD/CHF (US Dollar vs Swiss Franc)" class="wp-image-18606" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/USDCHFH1-12.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDCHFH1-12-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDCHFH1-12-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDCHFH1-12-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>USD/CHF (US Dollar vs Swiss Franc)</figcaption></figure><p>USD/CHF rebounded from 0.9031 and is currently declining to 0.8980. Following this, a potential upward movement to 0.9012 might occur, likely testing from below. Subsequently, the price may decrease to 0.8900.</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/AUDUSDH1-12.png" alt="AUD/USD (Australian Dollar vs US Dollar)" class="wp-image-18605" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/AUDUSDH1-12.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/AUDUSDH1-12-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/AUDUSDH1-12-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/AUDUSDH1-12-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>AUD/USD (Australian Dollar vs US Dollar)</figcaption></figure><p>AUD/USD finds support at 0.6338. Upon reaching this level, the price may drop to 0.6336, resulting in the formation of a broad consolidation range. A downward breakout from the range could extend the wave to 0.6272.</p>
<h2>BRENT</h2>
<figure><img decoding="async" loading="lazy" width="1592" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH1-5.png" alt="BRENT" class="wp-image-18604" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH1-5.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH1-5-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH1-5-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH1-5-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>BRENT</figcaption></figure><p>Brent has concluded a growth wave reaching 91.00. The market is presently undergoing a corrective phase. This correction might extend to 89.47 (with a test from above). Following this correction, the price could rise to 92.92, constituting a 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/XAUUSDH4-2.png" alt="XAU/USD (Gold vs US Dollar)" class="wp-image-18603" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/XAUUSDH4-2.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/XAUUSDH4-2-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/XAUUSDH4-2-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/XAUUSDH4-2-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>XAU/USD (Gold vs US Dollar)</figcaption></figure><p>Gold is in the process of establishing a consolidation range around 1921.60. Today, the market has expanded this range to 1942.00. An escape downwards could lead to a wave towards 1869.60, representing the initial 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/US500CashH1-10.png" alt="S&P 500" class="wp-image-18602" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/US500CashH1-10.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/US500CashH1-10-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/US500CashH1-10-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/US500CashH1-10-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>S&P 500</figcaption></figure><p>The stock index is actively consolidating within the range of 4348.0. Today, a downward movement to 4301.1 and a subsequent rise to 4348.0 might occur, potentially testing from below. A downward breakout from the range could result in a wave to 4212.0, constituting the first target.</p>
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