Technical Analysis & Forecast September 18, 2023
18.09.2023
3 minutes for reading
EUR Showing Potential for a Growth Wave. This overview also encompasses the dynamics of GBP, JPY, CHF, AUD, Brent, Gold, and the S&P 500 index.
EUR/USD (Euro vs US Dollar)
EUR/USD has concluded a downward wave at 1.0631. It has recently initiated an upward movement, reaching 1.0686. Today, a slight dip to 1.0648 is anticipated, establishing a consolidation range around this level. The range might extend to 1.0700. Subsequently, the price may drop to 1.0608 before surging impulsively towards 1.0760. This marks the initial target.
GBP/USD (Great Britain Pound vs US Dollar)
GBP/USD has finalized a downward wave, reaching 1.2379. The market is presently forming a consolidation range above this level, with an expected upward link to 1.2404. Another consolidation range could form at this level, possibly extending downwards to 1.2365. Following this, a surge in price to 1.2444 might ensue, signifying the primary target.
USD/JPY (US Dollar vs Japanese Yen)
USD/JPY has accomplished an upward wave to 147.94. The next move entails a decline to 147.51, succeeded by an upward link to 147.99. Afterward, a decline to 146.95 might occur, constituting the primary target.
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USD/CHF (US Dollar vs Swiss Franc)
USD/CHF has concluded an upward wave, reaching 0.8976. Presently, the market is consolidating below this level, anticipating a downward link to 0.8947, followed by an upward link to 0.8980. Upon achieving this level, the price might trigger a decline to 0.8888, representing the first target.
AUD/USD (Australian Dollar vs US Dollar)
AUD/USD has finalized an upward link to 0.6472. Today, a wave of decline to 0.6420 is projected. Subsequently, a correction link to 0.6446 and a decline to 0.6393 are expected. The latter serves as a local target.
BRENT
Brent has completed a corrective wave, reaching 92.15, and is anticipated to extend to 96.30 today. After hitting this level, the price could form a corrective dip to 94.15, followed by a rise to 97.15. This stands as a local target.
XAU/USD (Gold vs US Dollar)
Gold has established a consolidation range around 1917.15 and might break upwards, extending the correction to 1933.00. Following this, a surge towards 1901.33 is expected, signifying a local target.
S&P 500
The stock index has experienced a downward impulse to 4449.0. Today, the market is consolidating above this level. An anticipated downward breakout to 4416.5 might occur. Upon reaching this level, the price could initiate a corrective link to 4468.4 (with a test from below). Next, a decline to 4389.0 is projected, serving as a local target.
