Technical Analysis & Forecast October 02, 2023
02.10.2023
3 minutes for reading
The Australian dollar (AUD) is extending its decline, and this overview also covers the dynamics of EUR, GBP, JPY, CHF, Brent, Gold, and the S&P 500 index.
EUR/USD (Euro vs US Dollar)
EUR/USD has completed a corrective movement to 1.0615. Today, the market is forming a downward link to 1.0535. Subsequently, an upward link to 1.0620 might follow. Once this level is reached, a correction to 1.0555 is anticipated. A broad consolidation range is forming around 1.0555. A breakout below this range might trigger a downward wave to 1.0434, while an upward breakout could lead to a surge to 1.0710.
GBP/USD (Great Britain Pound vs US Dollar)
GBP/USD has completed a upward movement to 1.2271. A decline to 1.2133 is expected, followed by a rise to 1.2288. Once the price reaches this level, a decline to 1.2199 might occur. A broad consolidation range is forming around 1.2199. A downward breakout from this range might initiate a declining wave to 1.2016, while an upward breakout could lead to an upswing to 1.2400.
USD/JPY (US Dollar vs Japanese Yen)
USD/JPY continues its upward wave to 149.94. Next, a decline to 149.29 might follow. A consolidation range is forming around 149.29. A breakout to the upside could lead to a wave of growth to 150.70. Conversely, a downward breakout might result in a corrective movement to 147.30.
USD/CHF (US Dollar vs Swiss Franc)
USD/CHF completed a corrective wave to 0.9090. Today, the market has formed an upward movement to 0.9153, with a consolidation range developing around this level. An upward link to 0.9200 is expected, followed by a decline to 0.9080. A broad consolidation range is forming around 0.9153. A downward breakout might extend the correction to 0.8939, whereas an upward breakout could prompt a corrective wave to 0.9286.
AUD/USD (Australian Dollar vs US Dollar)
AUD/USD has completed a corrective wave to 0.6500. Today, the market is forming a downward wave to 0.6360. Subsequently, an upward link to 0.6512 and a decline to 0.6425 might follow. A broad consolidation range is forming around this level. An upward breakout could continue the rise to 0.6565, whereas a downward breakout might lead to a decline to 0.6300.
BRENT
Brent is forming a consolidation range around 92.70. A decline to 90.00 is possible today. Subsequently, a rise to 96.96 is not excluded. If this level is also breached, the potential for a wave to 104.00 might open. This is a local target.
XAU/USD (Gold vs US Dollar)
Gold has completed a wave of decline to 1850.00. Today, the market is forming a consolidation range around this level. A downward breakout could initiate a decline to 1747.00, from where the trend might continue to 1715.90. This is a local target.
S&P 500
The stock index is continuing to form a consolidation range around 4290.0. An upward link to 4343.0 might follow today. Subsequently, a decline to 4228.0 is expected. This is a local target. Afterward, a rise to 4343.0 is not excluded.
