Technical Analysis & Forecast 05.09.2023

EURUSD, “Euro vs US Dollar”

EURUSD has completed a corrective movement to 1.0808. Today the market is forming a consolidation range under this level. With an escape from the range upwards, a link of growth to 1.0840 is not excluded. With an escape downwards, the potential for a wave to 1.0740 could open, from where the trend could continue to 1.0700. This is a local target.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD has completed a corrective wave to 1.2638, and today the market is consolidating under this level. An escape from the range upwards could end in a link of correction to 1.2700. An escape downwards could open the potential for a movement to 1.2540, from where the trend might continue to 1.2470. This is a local target.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY has performed a growth structure to 146.76. A link of decline to 146.30 is not excluded today, followed by a link of growth to 148.08. This is a local target.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF has performed a wave of correction to 0.8835. A consolidation range is forming above this level today. An escape upwards could open the potential for a rise to 0.8880, from where the trend might extend to 0.8903.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD has performed a correction to 0.6477, beginning a new wave of decline after that. At the moment, the market has broken the 0.6440 level and goes on developing the wave to 0.6402. This is a local target. After the price reaches this level, a link of correction to 0.6440 is not excluded (with a test from below), followed by a decline to 0.6360.

BRENT

Brent has completed a structure of a wave to 88.88. A consolidation range might develop under this level today. After an escape downwards, a link of decline to 87.70 is not excluded (with a test from above). With an escape upwards, the wave could continue to 90.00. This is a local target.

XAUUSD, “Gold vs US Dollar”

Gold corrected to 1945.77 and performed a wave of decline to 1935.00 today. At the moment, a consolidation range is forming above this level. A downward escape from the range to 1924.15 could follow, from where the trend might continue to 1918.60.

S&P 500

The stock index has corrected to 4526.6. A declining wave to 4499.0 is expected today. A breakout of this level could open the potential for a decline to 4472.2, from where the trend might continue to 4458.0. This is the first target.