Technical Analysis & Forecast November 01, 2023
3 minutes for reading
EUR/USD (Euro vs US Dollar)
EUR/USD initiated a rapid decline after a correction to 1.0673. It has already reached the first target of 1.0557. Currently, a consolidation range is forming above this level. A breakout to the upside might push the price to 1.0600 (with a test from below). If it breaks out to the downside, it could open the potential for a decline to 1.0515, with the possibility of the trend continuing to 1.0477. This is considered a local target.
GBP/USD (Great Britain Pound vs US Dollar)
GBP/USD, after correcting to 1.2199, is on a rapid decline. The price has reached the first target of 1.2120. It's possible that a short-term upward correction to 1.2158 might occur today, followed by a decline to 1.2090, and the trend could potentially extend to 1.2050. This is regarded as a local target.
USD/JPY (US Dollar vs Japanese Yen)
USD/JPY, having completed a growth wave to 151.69, is currently consolidating below this level. If it breaks downwards, the price might correct to 150.50. On the other hand, an upward breakout could signal the continuation of the trend to 152.20.
USD/CHF (US Dollar vs Swiss Franc)
USD/CHF, after achieving a high of 0.9105 in a growth wave, might experience a downward movement to 0.9070 today. Following that, there's a potential rise to 0.9133, which is considered the first target.
AUD/USD (Australian Dollar vs US Dollar)
AUD/USD is developing a consolidation range around 0.6330. If a downward breakout occurs, the decline could continue to 0.6286, with the possibility of the trend expanding to 0.6270. This is seen as the first target.
Brent has finished a correction at 84.70. It is expected that a consolidation range will form above this level today. An upward breakout may lead to a new growth wave to 87.30. Breaking through this level could pave the way for an upward movement to 95.00, which is considered a local target.
XAU/USD (Gold vs US Dollar)
Gold is in the midst of a declining wave to 1952.00. After reaching this level, it might rise to 1980.00 (with a test from below) and then decline to 1951.80. This is the first target.
The stock index is continuing to develop a correction to 4213.7. Once it reaches this level, the price could continue its movement to 4111.0, with the trend potentially extending to 4000.0.