Technical Analysis & Projection October 26, 2023

By Bill Jackson October 26, 2023 2 mins read 109 Views

EUR Shows Continued Decline After Minor Correction - Analysis of GBP, JPY, CHF, AUD, Brent, Gold, and S&P 500 Included

EUR/USD (Euro vs US Dollar)

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.

GBP/USD (Great Britain Pound vs US Dollar)

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 trend towards 1.2015, representing the first target.

USD/JPY (US Dollar vs Japanese Yen)

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.

USD/CHF (US Dollar vs Swiss Franc)

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.

AUD/USD (Australian Dollar vs US Dollar)

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.

BRENT

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.

XAU/USD (Gold vs US Dollar)

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.

S&P 500

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.

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By: Igor Sayadov
Title: Technical Analysis & Forecast October 26, 2023
Sourced From: blog.roboforex.com/blog/2023/10/26/technical-analysis-forecast-october-26-2023/
Published Date: Thu, 26 Oct 2023 09:02:20 +0000