Technical Analysis & Forecast November 09, 2023
3 minutes for reading
EUR/USD (Euro vs US Dollar)
The EUR/USD pair has completed a downward movement, reaching a low of 1.0658 before correcting to 1.0714 today. There is a possibility of a further correction to 1.0725. However, if the pair breaks below the level of 1.0630, we can expect a potential decline to 1.0540, which is our current target.
GBP/USD (Great Britain Pound vs US Dollar)
The GBP/USD pair has also experienced a downward movement, reaching a low of 1.2245 before correcting to 1.2300 today. We can expect a new upward movement to 1.2333 before another wave of decline to 1.2222. If the pair breaks below this level, we can anticipate a potential decline to 1.2073, our current target.
USD/JPY (US Dollar vs Japanese Yen)
The USD/JPY pair has completed an upward movement to 151.04 and is currently correcting to 150.05. We can expect another upward movement to 151.44, which could potentially lead to a rise to 152.15 once the level of 151.44 is broken.
USD/CHF (US Dollar vs Swiss Franc)
The USD/CHF pair has reached a high of 0.9030 before correcting to 0.8970 today. A consolidation range is forming between these levels and a break below this range could lead to a decline to 0.8918. On the other hand, a break above this range could potentially lead to a rise to 0.9133.
AUD/USD (Australian Dollar vs US Dollar)
The AUD/USD pair is currently in a downward movement to 0.6383. We can expect a correction to 0.6450 before another decline to 0.6333, which is our current target.
The price of Brent has completed a downward movement to 79.11. However, the potential for further decline has expired and a consolidation range could form above this level today. If the price breaks above this range, we can anticipate a rise to 85.75, our first target.
XAU/USD (Gold vs US Dollar)
Gold is currently in a consolidation range around 1961.55. If the price breaks below this range, we can expect a potential decline to 1920.00, followed by a correction to 1960.00 before another decline to 1913.50, our first target.
The S&P 500 index has completed a downward movement to 4362.2 before correcting to 4390.0 today. We can expect another decline to 4330.3 before the trend continues to 4242.0, our first target.