Technical Analysis & Forecast September 4, 2023
04.09.2023
3 minutes for reading
EUR could sustain its downtrend. In this overview, we also analyze the movements of GBP, JPY, CHF, AUD, Brent, Gold, and the S&P 500 index.
EUR/USD (Euro vs US Dollar)
EUR/USD has successfully concluded a wave, reaching 1.0770. Presently, the market is consolidating above this level. If it breaks out of this range to the upside, we may see an upward movement to 1.0810. Conversely, a downward breakout could signal a move towards 1.0740, from where the trend might extend to 1.0700. This is the local target.
GBP/USD (Great Britain Pound vs US Dollar)
GBP/USD has concluded a bearish wave at 1.2567. Today, we observe a consolidation range forming above this level. Should it break out upwards from this range, we could witness a corrective movement to 1.2640. Conversely, a downward breakout might open the door for a decline to 1.2520, from where the trend could continue to 1.2482. This is the local target.
USD/JPY (US Dollar vs Japanese Yen)
USD/JPY has completed a downward structure to 144.44, followed by a bullish impulse to 146.28. Currently, the market is forming a narrow consolidation range just below this level. If it breaks out downward from this range, a correction to 145.37 is possible. On the other hand, an upward breakout could pave the way for a rise to 147.30, from where the trend might continue to 148.10.
USD/CHF (US Dollar vs Swiss Franc)
USD/CHF underwent a corrective wave to 0.8796 and then surged to 0.8862. A consolidation range could take shape under this level today. If it breaks out downward from this range, a corrective move to 0.8808 is plausible. Conversely, an upward breakout might open the door for a wave to 0.8873, from where the trend could continue to 0.8903. This is the first target.
AUD/USD (Australian Dollar vs US Dollar)
AUD/USD continues to consolidate around 0.6475. A downside breakout could trigger a fresh downward wave to 0.6373, potentially extending the trend to 0.6300. This is the local target.
BRENT
Brent has broken through the 87.66 level upwards and formed a rise to 88.66 today. A downward move to 87.66 isn't ruled out (with a test from above). Following that, a rise to 88.88 seems plausible, from where the trend might continue to 89.44. This is a local target.
XAU/USD (Gold vs US Dollar)
Gold is currently consolidating around 1945.70, having extended the range to 1934.34. A rise to 1945.70 is expected today (with a test from below). Next, a decline to 1924.14 could follow, from where the wave could extend to 1917.22. This is the first target.
S&P 500
The stock index is still forming a consolidation range around 4522.0. Currently, we see a downward impulse to 4500.8 alongside a correction to 4521.5 (with a test from below). Following this, a decline to 4480.0 could occur, from where the trend might continue to 4458.0. This is the first target.
