Technical Analysis & Forecast October 31, 2023
<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/TA_19-360×360.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> continues its correction. In this overview, we also delve into the dynamics 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 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/EURUSDH1-21.png" alt="EUR/USD (Euro vs US Dollar)" class="wp-image-18817" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDH1-21.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDH1-21-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDH1-21-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDH1-21-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>EUR/USD (Euro vs US Dollar)</figcaption></figure><p>EUR/USD found support at 1.0546 and completed an upward structure to 1.0585. Currently, a consolidation range has formed around this level. Breaking above this range, the price reached a local target of 1.0622. Today, we anticipate a correction to 1.0585 (with a test from above), followed by another correction to 1.0648. After reaching this level, another downward wave to 1.0515 is expected to commence.</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/GBPUSDH1-21.png" alt="GBP/USD (Great Britain Pound vs US Dollar)" class="wp-image-18818" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-21.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-21-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-21-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-21-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>GBP/USD (Great Britain Pound vs US Dollar)</figcaption></figure><p>GBP/USD received support at 1.2090 and completed an upward structure to 1.2132. A consolidation range has now formed around this level. Breaking above this range, the price reached a local correction target of 1.2173. We expect a decline to 1.2132 (with a test from above) today, followed by another corrective structure to 1.2193. The next step is a downward wave to 1.2080.</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/USDJPYH1-21.png" alt="USD/JPY (US Dollar vs Japanese Yen)" class="wp-image-18816" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/USDJPYH1-21.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDJPYH1-21-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDJPYH1-21-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDJPYH1-21-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>USD/JPY (US Dollar vs Japanese Yen)</figcaption></figure><p>USD/JPY has completed a downward wave to 148.80. The market is now forming an upward wave to 150.55. Once the price reaches this level, it could decline to 149.69.</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/USDCHFH1-17.png" alt="USD/CHF (US Dollar vs Swiss Franc)" class="wp-image-18815" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/USDCHFH1-17.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDCHFH1-17-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDCHFH1-17-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDCHFH1-17-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>USD/CHF (US Dollar vs Swiss Franc)</figcaption></figure><p>USD/CHF has completed an upward wave, reaching 0.9047. Today, we expect a downward structure to 0.8985, followed by an upward move to 0.9078. This is the first 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/AUDUSDH1-21.png" alt="AUD/USD (Australian Dollar vs US Dollar)" class="wp-image-18814" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/AUDUSDH1-21.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/AUDUSDH1-21-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/AUDUSDH1-21-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/AUDUSDH1-21-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>AUD/USD (Australian Dollar vs US Dollar)</figcaption></figure><p>AUD/USD has formed a consolidation range around 0.6355, which the market expanded to 0.6383. Today, we anticipate a decline to 0.6326, followed by a rise to 0.6355.</p>
<h2>BRENT</h2>
<figure><img decoding="async" loading="lazy" width="1592" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH1-14.png" alt="BRENT" class="wp-image-18813" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH1-14.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH1-14-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH1-14-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH1-14-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>BRENT</figcaption></figure><p>Brent has corrected to 85.71. Today, we expect an upward move to 87.32, followed by a decline to 85.33. Afterward, a new upward trend to 89.32 could commence. This is the first 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/XAUUSDH4-11.png" alt="XAU/USD (Gold vs US Dollar)" class="wp-image-18812" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/XAUUSDH4-11.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/XAUUSDH4-11-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/XAUUSDH4-11-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/XAUUSDH4-11-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>XAU/USD (Gold vs US Dollar)</figcaption></figure><p>Gold continues its downward movement to 1978.22. After reaching this level, the price could rise to 1993.15. Currently, a wide consolidation range is forming around 1978.22. A breakout below the range will open the potential for a decline to 1900.00.</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/US500CashH1-19.png" alt="S&P 500" class="wp-image-18811" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/US500CashH1-19.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/US500CashH1-19-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/US500CashH1-19-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/US500CashH1-19-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>S&P 500</figcaption></figure><p>The stock index has completed an upward wave, reaching 4179.0. Today, the market is forming a downward structure to 4140.0. After reaching this level, it could maintain its upward trajectory to 4251.5.</p>
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