Technical Analysis & Forecast September 5, 2023
<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/TA_3-360×360.jpg" class="attachment-thumbnail size-thumbnail wp-post-image" alt="Technical Analysis & Forecast" decoding="async" style="margin-bottom: 15px;" loading="lazy" /></div><p><a href="https://roboforex.com/beginners/info/charts/metals/xauusd/" data-internallinksmanager029f6b8e52c="43" title="XAU/USD">Gold</a> Sees Continued Decline In this report, we provide an analysis of the current dynamics of major currencies and <a href="https://roboforex.com/forex-trading/assets/soft-commodities/" data-internallinksmanager029f6b8e52c="46" title="Commodities">commodities</a>, including <a href="https://roboforex.com/beginners/info/charts/forex/eurusd/" data-internallinksmanager029f6b8e52c="35" title="EUR/USD">EUR</a>, <a href="https://roboforex.com/beginners/info/charts/forex/gbpusd/" data-internallinksmanager029f6b8e52c="36" title="GBP/USD">GBP</a>, <a href="https://roboforex.com/beginners/info/charts/forex/usdjpy/" data-internallinksmanager029f6b8e52c="40" title="USD/JPY">JPY</a>, <a href="https://roboforex.com/beginners/info/charts/forex/usdchf/" data-internallinksmanager029f6b8e52c="39" title="USD/CHF">CHF</a>, <a href="https://roboforex.com/beginners/info/charts/forex/audusd/" data-internallinksmanager029f6b8e52c="33" title="AUD/USD">AUD</a>, Brent crude, Gold, and the S&P 500 index.</p>
<h2>EUR/USD (Euro vs US Dollar)</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="707" src="https://blog.roboforex.com/wp-content/uploads/2023/09/EURUSDH1-2.png" alt="EUR/USD (Euro vs US Dollar)" class="wp-image-17807" srcset="https://blog.roboforex.com/wp-content/uploads/2023/09/EURUSDH1-2.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/09/EURUSDH1-2-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/09/EURUSDH1-2-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/09/EURUSDH1-2-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>EUR/USD (Euro vs US Dollar)</figcaption></figure><p>EUR/USD recently completed a corrective movement, reaching 1.0808. Today, the market is consolidating below this level. There's a possibility of an upward breakout, potentially leading to a rise to 1.0840. Conversely, a downward breakout could signal a decline to 1.0740, from where the <a title="<div class="wpg-tooltip-content"><p>A trend is a direction in which the market or the price of an instrument is moving. Trends can be upward, downward or sideways and are common to all types of markets.</p></div>" href="https://blog.roboforex.com/glossary-terms/trend/">trend</a> might continue to 1.0700. This represents a local target.</p>
<h2>GBP/USD (Great Britain Pound vs US Dollar)</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="707" src="https://blog.roboforex.com/wp-content/uploads/2023/09/GBPUSDH1-2.png" alt="GBP/USD (Great Britain Pound vs US Dollar)" class="wp-image-17800" srcset="https://blog.roboforex.com/wp-content/uploads/2023/09/GBPUSDH1-2.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/09/GBPUSDH1-2-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/09/GBPUSDH1-2-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/09/GBPUSDH1-2-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>GBP/USD (Great Britain Pound vs US Dollar)</figcaption></figure><p>GBP/USD has undergone a corrective wave, touching 1.2638. Currently, the market is in a consolidation phase below this level. A breakout to the upside may trigger a correction towards 1.2700. Conversely, a downward breakout could lead to a drop to 1.2540, with further potential for a move to 1.2470. This is considered a local target.</p>
<h2>USD/JPY (US Dollar vs Japanese Yen)</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="707" src="https://blog.roboforex.com/wp-content/uploads/2023/09/USDJPYH1-2.png" alt="USD/JPY (US Dollar vs Japanese Yen)" class="wp-image-17801" srcset="https://blog.roboforex.com/wp-content/uploads/2023/09/USDJPYH1-2.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/09/USDJPYH1-2-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/09/USDJPYH1-2-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/09/USDJPYH1-2-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>USD/JPY (US Dollar vs Japanese Yen)</figcaption></figure><p>USD/JPY has experienced an upward move to 146.76. There's a possibility of a decline to 146.30 today, followed by a potential rise to 148.08. This represents a local target.</p>
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<h2>USD/CHF (US Dollar vs Swiss Franc)</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="707" src="https://blog.roboforex.com/wp-content/uploads/2023/09/USDCHFH1-2.png" alt="USD/CHF (US Dollar vs Swiss Franc)" class="wp-image-17802" srcset="https://blog.roboforex.com/wp-content/uploads/2023/09/USDCHFH1-2.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/09/USDCHFH1-2-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/09/USDCHFH1-2-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/09/USDCHFH1-2-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>USD/CHF (US Dollar vs Swiss Franc)</figcaption></figure><p>USD/CHF recently corrected to 0.8835. Currently, a consolidation range is forming above this level. An upward breakout could pave the way for a rise to 0.8880, with potential for further extension to 0.8903.</p>
<h2>AUD/USD (Australian Dollar vs US Dollar)</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="707" src="https://blog.roboforex.com/wp-content/uploads/2023/09/AUDUSDH1-2.png" alt="AUD/USD (Australian Dollar vs US Dollar)" class="wp-image-17803" srcset="https://blog.roboforex.com/wp-content/uploads/2023/09/AUDUSDH1-2.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/09/AUDUSDH1-2-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/09/AUDUSDH1-2-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/09/AUDUSDH1-2-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>AUD/USD (Australian Dollar vs US Dollar)</figcaption></figure><p>AUD/USD saw a correction to 0.6477 before initiating a new downward wave. The market has broken below the 0.6440 level and is currently in the process of developing a decline to 0.6402, which is considered a local target. Following this, there's a possibility of a correction to 0.6440 (with a test from below) before another decline to 0.6360.</p>
<h2>BRENT</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="707" src="https://blog.roboforex.com/wp-content/uploads/2023/09/BRENTH1-3.png" alt="BRENT" class="wp-image-17804" srcset="https://blog.roboforex.com/wp-content/uploads/2023/09/BRENTH1-3.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/09/BRENTH1-3-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/09/BRENTH1-3-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/09/BRENTH1-3-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>BRENT</figcaption></figure><p>Brent crude has completed a wave to 88.88. A consolidation range might form below this level today. In the event of a downward breakout, a decline to 87.70 is possible, with a test from above. An upward breakout could see the wave continuing to 90.00, considered a local target.</p>
<h2>XAU/USD (Gold vs US Dollar)</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="707" src="https://blog.roboforex.com/wp-content/uploads/2023/09/XAUUSDH1-2.png" alt="XAU/USD (Gold vs US Dollar)" class="wp-image-17805" srcset="https://blog.roboforex.com/wp-content/uploads/2023/09/XAUUSDH1-2.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/09/XAUUSDH1-2-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/09/XAUUSDH1-2-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/09/XAUUSDH1-2-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>XAU/USD (Gold vs US Dollar)</figcaption></figure><p>Gold corrected to 1945.77 and subsequently experienced a decline to 1935.00 today. Currently, a consolidation range is forming above this level. A downward breakout from the range to 1924.15 is anticipated, potentially leading to a continuation of the trend towards 1918.60.</p>
<h2>S&P 500</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="707" src="https://blog.roboforex.com/wp-content/uploads/2023/09/US500CashH1-2.png" alt="S&P 500" class="wp-image-17806" srcset="https://blog.roboforex.com/wp-content/uploads/2023/09/US500CashH1-2.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/09/US500CashH1-2-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/09/US500CashH1-2-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/09/US500CashH1-2-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>S&P 500</figcaption></figure><p>The stock index has undergone a correction to 4526.6. A decline to 4499.0 is expected today, and a breakout of this level could open the potential for a further decline to 4472.2, with the trend possibly continuing to 4458.0. This is considered the first target.</p>
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