Technical Analysis & Forecast September 20, 2023
2 minutes for reading
EUR/USD (Euro vs US Dollar)
EUR/USD has completed an upward wave to 1.0716. Today, the market is shaping a downward wave towards 1.0660. Once this level is reached, a corrective phase towards 1.0690 might ensue. Following this, a decline to 1.0635 is anticipated, paving the way for the trend to potentially reach 1.0606.
GBP/USD (Great Britain Pound vs US Dollar)
GBP/USD has concluded a downward wave at 1.2369, followed by a correction to 1.2423. Presently, the market is establishing a consolidation range beneath this level, potentially extending to 1.2440. Upon reaching this level, the wave might unfold towards 1.2333.
USD/JPY (US Dollar vs Japanese Yen)
USD/JPY found support at 147.50 and is progressing in an upward structure towards 148.01. Once this level is attained, a corrective phase towards 146.96 could initiate.
USD/CHF (US Dollar vs Swiss Franc)
USD/CHF is currently evolving within a consolidation range above 0.8949. A growth link to 0.8989 is plausible today. An upward breakout from this range might set the stage for a wave towards 0.9030, while a downward escape could trigger a corrective link to 0.8888.
AUD/USD (Australian Dollar vs US Dollar)
AUD/USD is within a consolidation range around 0.6446, having extended to 0.6472. Today, quotes might dip to 0.6417. If a downward breakout from this range occurs, the potential for a fresh downward wave to 0.6363 might open, constituting the initial target.
Brent has accomplished an upward wave to 94.86. An anticipated correction link to 91.91 might manifest today, potentially succeeded by an ascent to 97.07. From there, the trend could extend to 103.75, signifying a local target.
XAU/USD (Gold vs US Dollar)
Gold is shaping a downward wave towards 1923.60, followed by a probable correction to 1930.30 (with a test from below). Subsequently, a decline to 1901.33 is on the horizon, leading the trend towards 1900.00.
The stock index has structured a decline to 4419.1, followed by a correction to 4453.0. Today, the downward wave might persist towards 4413.4. Following this, an upswing to 4468.3 and a decline to 4353.0 are in the forecast. This constitutes the initial target.