Brent's upward trajectory may persist. This overview also presents an analysis of EUR, GBP, JPY, CHF, AUD, Gold, and the S&P 500 index.

EUR/USD (Euro vs US Dollar)

EUR/USD (Euro vs US Dollar)
EUR/USD (Euro vs US Dollar)

EUR/USD has concluded a downward wave, reaching the 1.0920 level. Presently, the market is undergoing a consolidation phase above this level. An anticipated downward breakout could lead to a continuation of the wave towards the 1.0868 level, with a potential extension of the structure to the 1.0840 level. Subsequently, a correction to 1.0944 (a test from below) might follow, followed by a decline to 1.0738.

GBP/USD (Great Britain Pound vs US Dollar)

GBP/USD (Great Britain Pound vs US Dollar)
GBP/USD (Great Britain Pound vs US Dollar)

GBP/USD has completed a descending structure, reaching the 1.2680 level. At present, a consolidation range is shaping above this level. A forecasted decline to 1.2672, succeeded by a rise to 1.2737 (a test from below), and then a drop to 1.2600 is expected, with the prospect of trend continuation to 1.2488.

USD/JPY (US Dollar vs Japanese Yen)

GBP/USD (Great Britain Pound vs US Dollar)
GBP/USD (Great Britain Pound vs US Dollar)

USD/JPY has wrapped up a corrective phase, reaching the 142.22 level. Currently, the market is furthering its upward wave towards the 144.44 level, with a potential extension to the 145.35 level. After reaching this level, a corrective phase to 142.22 is not improbable, followed by a rise towards 146.60.

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USD/CHF (US Dollar vs Swiss Franc)

USD/CHF (US Dollar vs Swiss Franc)
USD/CHF (US Dollar vs Swiss Franc)

USD/CHF has completed an upward wave, reaching the 0.8803 level, followed by a correction to the 0.8757 level. A decline to 0.8720 might unfold as part of the correction. Once the correction concludes, the trend is anticipated to continue towards 0.8844, with a potential extension of the wave to 0.8888.

See also:  GBP Enters a Downtrend: Overview for November 16, 2023

AUD/USD (Australian Dollar vs US Dollar)

AUD/USD (Australian Dollar vs US Dollar)
AUD/USD (Australian Dollar vs US Dollar)

AUD/USD is currently in a downward wave towards the 0.6488 level. Once this level is reached, a potential upward movement to 0.6622 (a test from below) could ensue, followed by a decline in line with the trend towards 0.6424.

BRENT

BRENT
BRENT

Brent has successfully concluded an upward wave, reaching the 85.85 level. Today, the market has corrected to the 82.74 level. Another potential decline to 82.50 might occur, followed by a rise towards 87.40. An upward breakout of this level could lead to a trend continuation towards the 91.50 level. This serves as a local target.

XAU/USD (Gold vs US Dollar)

XAU/USD (Gold vs US Dollar)
XAU/USD (Gold vs US Dollar)

Gold's downward wave is ongoing towards the 1923.12 level. Once this level is reached, a correction to 1945.00 (a test from below) might take place, followed by a decline to 1914.40.

S&P 500

S&P 500
S&P 500

The stock index has concluded a downward wave, reaching the 4518.8 level. Today, a consolidation range is projected to form around this level. A potential downward breakout might lead to a trend-driven movement towards the 4440.0 level. After reaching this level, a correction to 4518.0 (a test from below) could transpire, followed by a drop to 4427.5.

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