Technical Analysis & Forecast November 20, 2023
2 minutes for reading
EUR/USD (Euro vs US Dollar)
EUR/USD has breached the upper limit of the consolidation range, paving the way for an extension of the wave to 1.0928. Subsequently, a downturn to 1.0893 is plausible, followed by an ascent to 1.0960. After reaching this level, a descent to 1.0823 might initiate.
GBP/USD (Great Britain Pound vs US Dollar)
GBP/USD has surpassed the upper threshold of the consolidation range, indicating a potential upward movement to 1.2505. A subsequent decline to 1.2455 is feasible, succeeded by a rise to 1.2537. After hitting this level, a fresh downward wave to 1.2374 could commence.
USD/JPY (US Dollar vs Japanese Yen)
USD/JPY is persisting in a downward wave to 148.68. Following this, an upward movement to 150.05 cannot be ruled out. Next, a new descent to 148.22 might unfold.
USD/CHF (US Dollar vs Swiss Franc)
USD/CHF has broken the lower boundary of the consolidation range, indicating a decline to 0.8826. Subsequently, a rise to 0.8853 may follow, after which a downward movement to 0.8807 is plausible. Upon reaching this level, a new upward wave to 0.9012 could ensue.
AUD/USD (Australian Dollar vs US Dollar)
AUD/USD has exceeded the upper limit of the consolidation range, signifying another upward movement to 0.6561. After reaching this level, the price may initiate a downward wave to 0.6450.
Brent is progressing with an upward wave to 82.25. After reaching this level, the quotes might undergo a correction to 79.25. Upon completion of the correction, a new upward wave to 85.33 might commence. This is a local target.
XAU/USD (Gold vs US Dollar)
Gold has concluded an upward wave to 1992.80. A descent to 1955.33 is anticipated today. Upon breaking this level, the potential for a downward wave to 1917.55 might unfold. This is a local target.
The stock index is persisting in forming a consolidation range around 4510.0. The price could expand the range to 4530.0, subsequently dipping to 4487.7. Breaking this level might unleash the potential for a wave to 4447.0. This is a local target.