Technical Analysis & Forecast November 08, 2023
3 minutes for reading
EUR/USD (Euro vs US Dollar)
EUR/USD has finished a downward impulse to 1.0664 and corrected to 1.0704 today. The correction could extend to 1.0711. Then, the decline wave might resume to 1.0640. And if this level breaks down, the wave could reach 1.0566. This is a local target.
GBP/USD (Great Britain Pound vs US Dollar)
GBP/USD has ended a falling momentum to 1.2262 and corrected to 1.2306 today. A new decline link to 1.2340 is possible. Then, a new decline wave to 1.2222 could form. And if this level breaks down, the wave could reach 1.2111. This is a local target.
USD/JPY (US Dollar vs Japanese Yen)
USD/JPY keeps developing a growth wave to 150.88. After hitting this level, the quotes could correct to 150.30. Then, a new growth wave to 151.42 might start. This is a local target.
USD/CHF (US Dollar vs Swiss Franc)
USD/CHF keeps developing a growth wave to 0.9024. After reaching this level, a drop to 0.8989 might follow. Basically, a new consolidation range is forming around this level. If the range breaks up, the wave might continue to 0.9133. If the range breaks down, a decline link to 0.8920 is possible. Then, a rise to 0.9133 might form.
AUD/USD (Australian Dollar vs US Dollar)
AUD/USD has completed a falling movement to 0.6470. Today the market has formed a correction to 0.6448, which could reach 0.6460. Then, a new decline wave to 0.6353 might follow. This is a local target.
Brent has completed a decline wave to 81.22, which is a local target. A consolidation range is forming above this level today. If the range breaks up, a growth wave to 84.35 could start, from where the growth might continue to 87.11.
XAU/USD (Gold vs US Dollar)
Gold has completed a decline wave to 1956.56. A consolidation range could form above this level today. If the range breaks down, the potential for a decline wave to 1920.00 could open. This is a local target.
The stock index has completed a growth wave to 4387.0. A consolidation range is forming under this level today. If the range breaks down, the decline wave could continue to 4300.0. This is the first target.