Technical Analysis & Forecast September 6, 2023
06.09.2023
3 minutes for reading
The S&P 500 index might undergo a correction before a new wave of decline. This overview also provides insights into the dynamics of EUR, GBP, JPY, CHF, AUD, Brent, and Gold.
EUR/USD (Euro vs US Dollar)
EUR/USD has completed a corrective movement to 1.0707. Today, the market is forming a consolidation range above this level. If there's an upward breakout from this range, we may see a rally to 1.0756 (with a test from below). Conversely, a downward breakout could pave the way for a decline to 1.0633, from where the trend might continue down to 1.0566.
GBP/USD (Great Britain Pound vs US Dollar)
GBP/USD experienced a downward wave to 1.2530 followed by a correction to 1.2585. Currently, a consolidation range is shaping up below this level. Should the price break out upward from this range, the correction could extend to 1.2638. Conversely, a downward breakout might trigger a move to 1.2459, from where the trend could continue down to 1.2424 (a local target).
USD/JPY (US Dollar vs Japanese Yen)
USD/JPY has completed an upward structure to 147.75. A downward correction to 147.07 is possible next, followed by an upward move to 148.78. This marks a local target.
USD/CHF (US Dollar vs Swiss Franc)
USD/CHF has executed an upward wave to 0.8902. Currently, a consolidation range is forming above this level. An upward breakout from this range could potentially lead to a rise to 0.8918, followed by a continuation of the trend to 0.8969. Conversely, a downward breakout might trigger a corrective movement to 0.8860, followed by an ascent to 0.8969.
AUD/USD (Australian Dollar vs US Dollar)
AUD/USD has undergone a correction to 0.6357. Today, the market is forming a consolidation range above this level. A correction to 0.6424 is possible next (with a test from below), followed by a decline to 0.6330. This is the initial target.
BRENT
Brent has surged in an upward wave to 90.86. Today, it might correct to 87.70 (with a test from above). The next wave of growth could potentially take it to 93.20, marking a local target.
XAU/USD (Gold vs US Dollar)
Gold has breached the 1934.00 level downward, completing a declining movement to 1925.00. Currently, a consolidation range is forming around this level. A correction to 1933.00 is possible, followed by a decline to 1921.75, from where the trend might continue down to 1915.30.
S&P 500
The stock index has completed a downward wave to 4493.0. A consolidation range is forming above this level today. An upward breakout from this range to 4517.0 (with a test from below) is possible, followed by a decline to 4465.0. Conversely, a downward breakout from the range might continue the wave to 4465.0, from where it could extend to 4441.0.
