Technical Analysis & Forecast October 6, 2023
<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/TA_2-360×360.jpg" class="attachment-thumbnail size-thumbnail wp-post-image" alt="Technical Analysis & Forecast" decoding="async" style="margin-bottom: 15px;" loading="lazy" /></div><p>Brent is concluding its correction. In this overview, we'll also delve into the movements 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/EURUSDH1-4.png" alt="EUR/USD (Euro vs US Dollar)" class="wp-image-18332" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDH1-4.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDH1-4-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDH1-4-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDH1-4-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>EUR/USD (Euro vs US Dollar)</figcaption></figure><p>EUR/USD experienced a corrective shift to 1.0550. Currently, the market is consolidating below this level. Anticipate a downward movement to 1.0487 today. Notably, a broad consolidation range is forming around this level. A downward breakout from this range could extend the decline to 1.0421. Conversely, an upward breakout might prolong the corrective wave to 1.0611.</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/GBPUSDH1-4.png" alt="GBP/USD (Great Britain Pound vs US Dollar)" class="wp-image-18331" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-4.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-4-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-4-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-4-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>GBP/USD (Great Britain Pound vs US Dollar)</figcaption></figure><p>GBP/USD saw an upward surge to 1.2194. Presently, the market is consolidating below this level. A decline to 1.2080 is plausible today. Essentially, a consolidation range is forming around 1.2106. Should there be an upward breakout, the correction might extend to 1.2300. Conversely, a downward breakout could trigger a decline to 1.1990, from where 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> could continue to 1.1900.</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/USDJPYH1-4.png" alt="USD/JPY (US Dollar vs Japanese Yen)" class="wp-image-18330" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/USDJPYH1-4.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDJPYH1-4-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDJPYH1-4-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDJPYH1-4-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>USD/JPY (US Dollar vs Japanese Yen)</figcaption></figure><p>USD/JPY is actively developing a consolidation range above 148.30. Today, the pair could rise to 149.06. If this level is breached upwards, the potential for an ascent to 149.85 might materialize, followed by a decline to 149.06 (with a test from above). Subsequently, growth towards 150.88 could ensue. In case the 148.30 level is breached downwards, it might pave the way for a further correction to 147.27.</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/USDCHFH1-4.png" alt="USD/CHF (US Dollar vs Swiss Franc)" class="wp-image-18329" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/USDCHFH1-4.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDCHFH1-4-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDCHFH1-4-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDCHFH1-4-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>USD/CHF (US Dollar vs Swiss Franc)</figcaption></figure><p>USD/CHF has successfully completed a corrective wave to 0.9120. Today, the market is forming a consolidation range above this level. An upward breakout from this range is anticipated, followed by further development of the wave to 0.9200 and a potential trend extension to the 0.9318 level.</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/AUDUSDH1-4.png" alt="AUD/USD (Australian Dollar vs US Dollar)" class="wp-image-18328" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/AUDUSDH1-4.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/AUDUSDH1-4-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/AUDUSDH1-4-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/AUDUSDH1-4-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>AUD/USD (Australian Dollar vs US Dollar)</figcaption></figure><p>AUD/USD has completed a corrective wave to 0.6380. Today, a consolidation range is forming below this level. An anticipated decline to 0.6326 is on the horizon. Notably, a wide consolidation range is materializing around 0.6326. An upward breakout might extend the correction to 0.6450, while a downward breakout could open the potential for a decline to 0.6277, subsequently extending the trend to 0.6229.</p>
<h2>BRENT</h2>
<figure><img decoding="async" loading="lazy" width="1592" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH1-1.png" alt="BRENT" class="wp-image-18327" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH1-1.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH1-1-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH1-1-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH1-1-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>BRENT</figcaption></figure><p>Brent has structured a consolidation range above 89.20. Escaping this range downwards, it completed a downward movement to 84.40. Today, the market is consolidating within a range around this level. It might extend to 82.82. After the price reaches this point, a new wave of decline to 90.00 could form, leading the trend to continue to 95.00. This represents 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/XAUUSDH1-4.png" alt="XAU/USD (Gold vs US Dollar)" class="wp-image-18326" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/XAUUSDH1-4.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/XAUUSDH1-4-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/XAUUSDH1-4-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/XAUUSDH1-4-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>XAU/USD (Gold vs US Dollar)</figcaption></figure><p>Gold has finalized a wave of decline to 1812.86. Today, a potential upward movement to 1833.00 could transpire (with a test from below). Next, a decline to 1785.87 is expected. This signifies 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/US500CashH1-4.png" alt="S&P 500" class="wp-image-18325" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/US500CashH1-4.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/US500CashH1-4-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/US500CashH1-4-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/US500CashH1-4-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>S&P 500</figcaption></figure><p>The stock index is persisting within a consolidation range around 4240.0. Today, an upward movement to 4280.0 is plausible (with a test from below). Next, the decline could persist, reaching 4165.0, paving the way for an extension to 4117.0. This stands as a local target.</p>
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