Brent Continues Its Ascent: Insights into EUR, GBP, JPY, CHF, AUD, Gold, and the S&P 500 Index.
EUR/USD (Euro vs US Dollar)
EUR/USD experienced a downward wave, reaching 1.0704. The market then established a consolidation range below this level. Breaking out of this range to the upside, the pair initiated a upward movement to 1.0764. Today, we might see another consolidation range forming beneath this level. If the pair breaks out to the upside again, it could extend the range to 1.0775. Subsequently, a decline to 1.0680 is expected, followed by a potential upward wave to 1.0900.
GBP/USD (Great Britain Pound vs US Dollar)
GBP/USD completed a downward wave to 1.2458. At a certain point, the market saw an upward movement to 1.2493 (with a test from below). Today, a decline to 1.2441 is anticipated. This represents a local target. After reaching this level, a new upward wave to 1.2580 is expected to commence.
USD/JPY (US Dollar vs Japanese Yen)
USD/JPY is in the process of developing an upward wave towards 147.46. Once this level is reached, a drop to 145.30 could occur. Following this target, quotes might initiate a new upward wave towards 148.70.
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USD/CHF (US Dollar vs Swiss Franc)
USD/CHF continues to consolidate around the 0.8917 level without a strong trend. Today, the range is expected to expand to 0.8888 (with a test from above). After reaching this level, it could rise to 0.8990. Subsequently, a downward wave to 0.8800 might begin.
AUD/USD (Australian Dollar vs US Dollar)
AUD/USD is currently in the process of developing a downward wave to 0.6390. A breakout below this level could lead to a further decline to 0.6333, representing a local target. After reaching this level, an upward wave to 0.6477 might initiate.
BRENT
Brent is continuing to develop an upward wave towards 92.20. After reaching this level, a corrective move to 90.00 is not excluded, followed by a rise to 93.20, from where the trend could extend to 96.50.
XAU/USD (Gold vs US Dollar)
Gold has completed a downward wave to 1907.30. Currently, the market is forming a consolidation range above this level. Today, the range could expand to 1906.90. Breaking out of this range to the upside, a corrective move to 1930.70 is possible. Conversely, a downside break could open the potential for a trend-driven decline to 1860.00, representing a local target.
S&P 500
The stock index completed a downward wave to 4461.0. Today, the market is forming a consolidation range above this level. Breaking out to the upside, a corrective move to 4478.8 might ensue. Conversely, a downside break could lead to the continuation of the wave towards 4433.0, from where the trend might extend to 4414.0.
The post Technical Analysis & Forecast September 13, 2023 appeared first at R Blog – RoboForex.
