Technical Analysis & Forecast October 11, 2023
3 minutes for reading
EUR/USD (Euro vs US Dollar)
EUR/USD made a significant upward move to 1.0619. Currently, the market is consolidating below this level. If a breakout occurs upwards, it could trigger a growth wave towards 1.0672, followed by a corrective phase to 1.0595 (with a test from above). After this correction, a fresh upward wave towards 1.0707 might commence. This stands as a local target.
GBP/USD (Great Britain Pound vs US Dollar)
GBP/USD completed an upward movement reaching 1.2302. Presently, the market is in a consolidation phase below this level. The price is anticipated to escape this range upwards, aiming for 1.2375 as a local target. Subsequently, a correction to 1.2242 (with a test from above) might precede a surge towards 1.2444.
USD/JPY (US Dollar vs Japanese Yen)
USD/JPY concluded an upward wave reaching 149.08, followed by a correction to 148.41. Presently, the market is constructing another rising wave aiming for 149.35. If this level is breached, the potential for an increase to 150.55 might unfold. This marks a local target.
USD/CHF (US Dollar vs Swiss Franc)
USD/CHF experienced an upward move to 0.9083 (with a test from below). Today, the market initiated a corrective structure, reaching 0.9036. Currently, a consolidation range is taking shape above this level. Anticipated price action involves a breakout from this range downward, extending the wave to 0.8993. After this level is reached, an upward move to 0.9083 (with a test from below) might follow, possibly accompanied by a decline to 0.8928.
AUD/USD (Australian Dollar vs US Dollar)
AUD/USD completed an upward wave to 0.6444. A corrective downward phase to 0.6386 might unfold today, followed by an increase to 0.6460 as a local target. The upward wave could potentially extend to 0.6488.
Brent continues to establish a consolidation range above 86.00, lacking a strong trend. A breakout from this range upwards towards 89.00 is expected as the initial target. Subsequently, a correction to 86.00 (with a test from above) is plausible. Following this, a new growth wave to 94.00 may commence, from where the trend might extend to 97.07.
XAU/USD (Gold vs US Dollar)
Gold successfully completed an upward wave reaching 1865.30, followed by a correction to 1852.70. Presently, a consolidation range is forming above this level. A breakout from this range downwards, leading to a corrective phase to 1840.00, is possible. After reaching this level, the price might rise to 1867.50, followed by a decline to 1840.00.
The stock index established a consolidation range around 4296.0. Today, the market broke out of this range upwards, initiating a rising wave to 4382.5 as a local target. A corrective wave towards 4296.0 is anticipated (with a test from above). Following this, a rise to 4390.5 is projected, followed by a decline to 4110.0, marking the initial target.