Brent is in a consolidation phase before an upward move. The overview also covers the dynamics of EUR, GBP, JPY, CHF, AUD, Gold, and the S&P 500 index.
EUR/USD (Euro vs US Dollar)
EUR/USD has concluded a downtrend, reaching 1.0852. Today, an upward move to 1.0918 is underway. A broad consolidation range may form around 1.0918. If this range is breached downward, the pair could extend its descent to 1.0761. This is a local target.
GBP/USD (Great Britain Pound vs US Dollar)
GBP/USD has completed a downward phase to 1.2449. Today, an upswing to 1.2522 is anticipated. A wide consolidation range might shape around 1.2522. If broken downward, the price is projected to descend to 1.2380. This is a local target.
USD/JPY (US Dollar vs Japanese Yen)
USD/JPY has finished an upward surge, reaching 149.74. A corrective phase to 148.56 is developing today. Following the correction, the price could ascend to 149.90. This is a local target.
USD/CHF (US Dollar vs Swiss Franc)
USD/CHF is presently consolidating around 0.8841. A decline to 0.8810 might occur today. After reaching this level, a new upward move to 0.8899 could initiate. This is the initial target.
AUD/USD (Australian Dollar vs US Dollar)
AUD/USD concluded a downward motion to 0.6520. Today, the market is correcting to 0.6560. A broad consolidation range is likely forming around 0.6560. If broken downward, the decline could persist to 0.6440. This is a local target.
BRENT
Brent has corrected to 78.60. Today, the market is continuing an upward structure to 83.33, from where the trend might extend to 88.10. This is a local target. Subsequently, a correction to 83.33 might follow. After the correction, a new upward move to 89.89 might commence. This is the first target.
XAU/USD (Gold vs US Dollar)
Gold is maintaining a broad consolidation range around 1970.00. Today, a decline to 1970.00 (a test from above) is expected. Next, another upswing to 2012.00 could manifest. After reaching this level, a new downward wave to 1929.00 might start. This is the initial target.
S&P 500
The stock index is currently in a consolidation phase around 4545.0. An upward move to 4571.0 is plausible today, followed by a new downward wave to 4487.0. This is the first target.
The post Technical Analysis & Forecast November 23, 2023 appeared first at R Blog – RoboForex.