Technical Analysis & Projection October 18, 2023

By Bill Jackson October 18, 2023 2 mins read 141 Views

S&P 500 Index Consolidation Precedes Anticipated Decline: A Comprehensive Overview of EUR, GBP, JPY, CHF, AUD, Brent, and Gold

EUR/USD (Euro vs US Dollar)

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.

GBP/USD (Great Britain Pound vs US Dollar)

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.

USD/JPY (US Dollar vs Japanese Yen)

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.

USD/CHF (US Dollar vs Swiss Franc)

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.

AUD/USD (Australian Dollar vs US Dollar)

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.

BRENT

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.

XAU/USD (Gold vs US Dollar)

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.

S&P 500

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.

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By: Igor Sayadov
Title: Technical Analysis & Forecast October 18, 2023
Sourced From: blog.roboforex.com/blog/2023/10/18/technical-analysis-forecast-october-18-2023/
Published Date: Wed, 18 Oct 2023 09:24:28 +0000