Technical Analysis & Forecast October 26, 2023
<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/TA_16-360×360.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> Shows Continued Decline After Minor Correction – Analysis of <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 Included</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/EURUSDH1-18.png" alt="EUR/USD (Euro vs US Dollar)" class="wp-image-18742" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDH1-18.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDH1-18-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDH1-18-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDH1-18-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>EUR/USD (Euro vs US Dollar)</figcaption></figure><p>EUR/USD recently experienced a downward wave, reaching 1.0540. A further decrease to 1.0533 might be witnessed today. Following this, a potential correction to 1.0565 is not out of the question (with a test from below). Subsequently, another downward wave is expected, possibly reaching 1.0480, which serves as the initial 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/GBPUSDH1-18.png" alt="GBP/USD (Great Britain Pound vs US Dollar)" class="wp-image-18743" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-18.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-18-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-18-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-18-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>GBP/USD (Great Britain Pound vs US Dollar)</figcaption></figure><p>GBP/USD saw a decline, with rates reaching 1.2077. A corrective phase to 1.2121 may occur today, followed by a potential continuation of 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> towards 1.2015, representing the first 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/USDJPYH1-18.png" alt="USD/JPY (US Dollar vs Japanese Yen)" class="wp-image-18741" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/USDJPYH1-18.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDJPYH1-18-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDJPYH1-18-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDJPYH1-18-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>USD/JPY (US Dollar vs Japanese Yen)</figcaption></figure><p>USD/JPY demonstrated an upward impulse, achieving 150.30, followed by a correction to 150.03. The market is currently indicating the development of another upward wave to 150.75, with a potential correction down to 149.40 to follow.</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/USDCHFH1-15.png" alt="USD/CHF (US Dollar vs Swiss Franc)" class="wp-image-18740" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/USDCHFH1-15.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDCHFH1-15-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDCHFH1-15-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDCHFH1-15-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>USD/CHF (US Dollar vs Swiss Franc)</figcaption></figure><p>USD/CHF is in the process of an upward wave, reaching 0.8986. After reaching this level, prices may correct to 0.8955 (with a test from above). The subsequent step could involve an upward move to 0.9016, representing the initial target.</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/AUDUSDH1-18.png" alt="AUD/USD (Australian Dollar vs US Dollar)" class="wp-image-18739" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/AUDUSDH1-18.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/AUDUSDH1-18-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/AUDUSDH1-18-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/AUDUSDH1-18-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>AUD/USD (Australian Dollar vs US Dollar)</figcaption></figure><p>AUD/USD recently experienced a decline, resulting in rates reaching 0.6272. A corrective phase to 0.6333 may occur today, followed by a potential decline to 0.6266, serving as the first 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/BRENTH1-11.png" alt="BRENT" class="wp-image-18738" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH1-11.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH1-11-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH1-11-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH1-11-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>BRENT</figcaption></figure><p>Brent has undergone a decline, dipping to 85.85, and followed by a correction to 89.30 (with a test from below). There is potential for a new decline to 85.55 to develop today. After reaching this level, a new upward wave to 93.25 is expected, from where the trend could potentially extend to 95.00.</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/XAUUSDH4-8.png" alt="XAU/USD (Gold vs US Dollar)" class="wp-image-18737" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/XAUUSDH4-8.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/XAUUSDH4-8-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/XAUUSDH4-8-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/XAUUSDH4-8-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>XAU/USD (Gold vs US Dollar)</figcaption></figure><p>Gold continues to establish a consolidation range around 1975.00. The range might expand to 1996.25 today, followed by an anticipated decline to 1952.00. Should this level be breached downward as well, there is potential for a further decline to 1900.00, which represents 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/US500CashH1-16.png" alt="S&P 500" class="wp-image-18736" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/US500CashH1-16.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/US500CashH1-16-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/US500CashH1-16-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/US500CashH1-16-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>S&P 500</figcaption></figure><p>The stock index has completed a decline to 4156.0, and a correction to 4250.0 might follow today (with a test from below). After the correction concludes, a decline to 4111.1 is possible, marking the initial target.</p>
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