Technical Analysis & Forecast for October 2023

EURUSD, “Euro vs US Dollar”

EURUSD has reached the estimated target of a declining wave at 1.0550. The structure of the last link implies the development of a new declining movement to 1.0460. After the price reaches this level, a consolidation range might form above it. An escape from the range upwards is expected, followed by a correction to 1.0701, at least. When it is over, a new wave of decline to 1.0144 might start. This is a local target.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD has completed a wave of decline to 1.2314. By now, the market has formed a consolidation range around this level, forming a structure of decline to 1.2110. A link of correction to 1.2314 might follow (with a test from below). After it is over, the trend could continue to 1.1500.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY continues developing a wave of growth to 150.00. After the price reaches this level, a link of correction to 145.85 is not excluded (with a test from above). When the correction ends, the wave of growth could continue to 153.55. This is the main target. Upon reaching the target, the price might start correcting to 145.85. Next, a rise to 154.40 could follow.

BRENT

Brent has completed a wave of growth to 89.36. A consolidation range formed above this level, and the price continues developing the third wave to 97.00 by the trend, escaping the range upwards. Upon reaching the set level, the quotes could correct to 89.36. Next, growth to 107.10 might follow. This is a local target.

XAUUSD, “Gold vs US Dollar”

Gold has completed a wave of decline to 1850.00. A consolidation range is expected to develop around it. With an escape from it downwards, the trend could continue to 1747.00. This is a local target. After the price reaches the target, a correction to 1850.00 is not excluded (with a test from below). Next, a decline to 1715.90 might follow.

S&P 500

The stock index has completed a wave of decline to 4330.0. By now, a consolidation range has formed under this level. Escaping the range downwards, the potential for a wave of decline to 4112.2 could open. This is a local target. After the quotes reach it, a link of correction to 4330.0 is not excluded (with a test from below). Next, a new wave of decline to 4040.0 might develop.