Technical Analysis & Forecast September 1, 2023
01.09.2023
3 minutes for reading
The S&P 500 index appears poised to continue its downward trend. Additionally, this overview provides insights into EUR, GBP, JPY, CHF, AUD, Brent, and Gold.
EUR/USD (Euro vs US Dollar)
EUR/USD has completed a wave, reaching the 1.0846 level. Today, the market is consolidating around this level. An upward breakout could lead to a bullish trend towards 1.0880. Conversely, a downward breakout might initiate a decline to 1.0808, with the potential for further movement to 1.0756, representing a local target.
GBP/USD (Great Britain Pound vs US Dollar)
GBP/USD has finished a downward wave, reaching the 1.2674 level. Currently, it is forming a consolidation range around this level. A downward breakout could pave the way for a move to 1.2612, from where the trend might extend to 1.2484, marking a local target.
USD/JPY (US Dollar vs Japanese Yen)
USD/JPY has completed a declining structure, reaching the 145.45 level. The market is currently in a narrow consolidation range around this level. An expected downward breakout could continue the downward trend to 144.70.
USD/CHF (US Dollar vs Swiss Franc)
USD/CHF has successfully executed an upward wave, reaching the 0.8828 level. Today, a consolidation range might form around this level. In the event of a downward breakout, a decline to 0.8787 could follow. Conversely, an upward breakout may lead to a move towards 0.8900, marking the initial target.
AUD/USD (Australian Dollar vs US Dollar)
AUD/USD continues to trade within a consolidation range around the 0.6460 level. A potential downward breakout could initiate a new declining wave towards 0.6414, with the trend potentially extending to the 0.6316 level, representing a local target.
BRENT
Brent has found support at the 85.55 level and is continuing its upward movement towards 87.77. Upon reaching this level, a corrective move to 85.55 could unfold, with a potential upward breakout followed by a move to 88.88. Subsequently, the trend might extend towards 89.50.
XAU/USD (Gold vs US Dollar)
Gold has completed an upward wave, reaching the 1948.00 level. The market has initiated a downward move, reaching 1940.55 and forming a consolidation range around this level. A projected downward breakout towards 1932.20 is expected, followed by a corrective move towards 1940.00. The price may subsequently continue its trend towards 1915.00.
S&P 500
The stock index is currently consolidating around the 4518.0 level. A potential downward breakout from this range could trigger a new wave of decline towards 4428.0, with the trend possibly extending to 4370.0.
