GBP Undergoing Correction Prior to New Decline. In-Depth Analysis of EUR, JPY, CHF, AUD, Brent, Gold, and the S&P 500 Index.

EUR/USD (Euro vs US Dollar)

EUR/USD (Euro vs US Dollar)
EUR/USD (Euro vs US Dollar)

EUR/USD has concluded a downtrend wave, reaching the 1.0928 level. Presently, the market is in a correction phase around the 1.0973 level (being tested from below), forming a broad consolidation range centered at 1.0970. An anticipated downside breakout from this range could initiate the progression of a third decline wave, with an estimated target at 1.0815.

GBP/USD (Great Britain Pound vs US Dollar)

GBP/USD (Great Britain Pound vs US Dollar)
GBP/USD (Great Britain Pound vs US Dollar)

Following a decline wave to 1.2689, GBP/USD is now correcting around 1.2755. Upon completing this correction, another downward movement to 1.2620 might ensue, with potential continuation of the trend to 1.2585 as a local target.

USD/JPY (US Dollar vs Japanese Yen)

USD/JPY (US Dollar vs Japanese Yen)
USD/JPY (US Dollar vs Japanese Yen)

USD/JPY is currently consolidating above the 142.94 level. An upward breakout towards 144.20 is anticipated, with the possibility of trend continuation to 144.70. Following attainment of this level, a correction to 141.55 could initiate.

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USD/CHF (US Dollar vs Swiss Franc)

USD/CHF (US Dollar vs Swiss Franc)
USD/CHF (US Dollar vs Swiss Franc)

USD/CHF has concluded an upward wave at the 0.8781 level. Presently, a corrective pattern is forming towards 0.8740. Once this correction phase wraps up, another upward wave towards 0.8855 could develop, with potential continuation of the trend to 0.8895 as a local target.

AUD/USD (Australian Dollar vs US Dollar)

AUD/USD (Australian Dollar vs US Dollar)
AUD/USD (Australian Dollar vs US Dollar)

Having completed a decline wave to 0.6495, AUD/USD is now entering a corrective phase towards 0.6562. After this correction is finalized, a new downward wave to 0.6440 might initiate, constituting the first target.

See also:  The Euro Holds Steady: Overview for September 13, 2023

BRENT

BRENT
BRENT

Brent has successfully concluded an upward wave, reaching 86.46, followed by a correction to 83.15. An upward movement towards 87.66 is anticipated for today, with potential continuation of the trend to 91.50 as a local target.

XAU/USD (Gold vs US Dollar)

XAU/USD (Gold vs US Dollar)
XAU/USD (Gold vs US Dollar)

Gold has concluded a decline wave at the 1922.65 level. Presently, the market is forming a consolidation range above this level. An upward movement towards 1932.63 (testing from below) is likely, followed by a decline to 1914.00, with potential continuation of the trend to 1903.85.

S&P 500

S&P 500
S&P 500

The stock index has concluded a decline wave, reaching 4465.5. Currently, a corrective phase towards 4515.5 is underway. Once this correction is complete, another downward wave to 4447.7 might develop, with potential continuation of the trend to 4437.0 as the initial target.

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