Technical Analysis & Forecast September 29, 2023
<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/TA_21-360×360.jpg" class="attachment-thumbnail size-thumbnail wp-post-image" alt="Technical Analysis & Forecast" decoding="async" style="margin-bottom: 15px;" loading="lazy" /></div><p>S&P 500 Index Poised for a Possible Correction: This overview also encompasses the dynamics of <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, and <a href="https://roboforex.com/beginners/info/charts/metals/xauusd/" data-internallinksmanager029f6b8e52c="43" title="XAU/USD">Gold</a>.</p>
<h2><a></a>EUR/USD (Euro vs US Dollar)</h2>
<figure><img decoding="async" loading="lazy" width="1592" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/09/EURUSDH1-20.png" alt="EUR/USD (Euro vs US Dollar)" class="wp-image-18225" srcset="https://blog.roboforex.com/wp-content/uploads/2023/09/EURUSDH1-20.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/09/EURUSDH1-20-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/09/EURUSDH1-20-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/09/EURUSDH1-20-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>EUR/USD (Euro vs US Dollar)</figcaption></figure><p>EUR/USD has exhibited a growth movement, reaching 1.0545. Presently, the market is establishing a consolidation range above this level. Breaking below this range could potentially initiate a wave towards 1.0477. Conversely, an upward breakout might not exclude a corrective phase to 1.0600 (with a test from below), followed by a decline to 1.0477.</p>
<h2><a></a>GBP/USD (Great Britain Pound vs US Dollar)</h2>
<figure><img decoding="async" loading="lazy" width="1592" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/09/GBPUSDH1-21.png" alt="GBP/USD (Great Britain Pound vs US Dollar)" class="wp-image-18226" srcset="https://blog.roboforex.com/wp-content/uploads/2023/09/GBPUSDH1-21.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/09/GBPUSDH1-21-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/09/GBPUSDH1-21-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/09/GBPUSDH1-21-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>GBP/USD (Great Britain Pound vs US Dollar)</figcaption></figure><p>GBP/USD has experienced a growth movement to 1.2199. Currently, the market is forming a consolidation range above this level. Breaking below this range could potentially trigger a wave towards 1.2100. Conversely, an upward breakout might not exclude a corrective phase to 1.2288 (with a test from below), followed by a decline to 1.2100.</p>
<h2><a></a>USD/JPY (US Dollar vs Japanese Yen)</h2>
<figure><img decoding="async" loading="lazy" width="1592" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/09/USDJPYH1-21.png" alt="USD/JPY (US Dollar vs Japanese Yen)" class="wp-image-18228" srcset="https://blog.roboforex.com/wp-content/uploads/2023/09/USDJPYH1-21.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/09/USDJPYH1-21-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/09/USDJPYH1-21-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/09/USDJPYH1-21-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>USD/JPY (US Dollar vs Japanese Yen)</figcaption></figure><p>USD/JPY is establishing a consolidation range around 149.28. A downward breakout from this range could potentially extend the correction to 148.62. Conversely, an upward breakout might sustain 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> towards 149.88.</p>
<div>
<div>
<div>
<p>Top trading conditions with a Prime account</p>
<p>Low commissions, spreads starting from 0 pips, <a title="<div class="wpg-tooltip-content"><p>Leverage is a loan of funds by a broker to a trader to enable them to make a larger transaction for the purpose of increasing the potential profit on the investment.</p></div>" href="https://blog.roboforex.com/glossary-terms/leverage/">leverage</a> up to 1:300, and execution in as fast as 0.1 sec</p>
</div>
<div>
<img decoding="async" class="block-banner__image block-banner__image_mobile" src="https://blog.roboforex.com/wp-content/uploads/2023/09/prime1-mobile.png" alt="prime-account" /></div>
<a href="https://my.roboforex.com/en/register/prime" target="_blank" rel="noopener">Open Prime Account</a>
</div>
<div>
<img decoding="async" class="block-banner__image block-banner__image_desktop" src="https://blog.roboforex.com/wp-content/uploads/2023/09/prime1-desktop.png" alt="prime-account" /></div>
</div>
<h2><a></a>USD/CHF (US Dollar vs Swiss Franc)</h2>
<figure><img decoding="async" loading="lazy" width="1592" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/09/USDCHFH1-21.png" alt="USD/CHF (US Dollar vs Swiss Franc)" class="wp-image-18229" srcset="https://blog.roboforex.com/wp-content/uploads/2023/09/USDCHFH1-21.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/09/USDCHFH1-21-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/09/USDCHFH1-21-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/09/USDCHFH1-21-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>USD/CHF (US Dollar vs Swiss Franc)</figcaption></figure><p>USD/CHF has completed a corrective wave to 0.9166. Presently, the market has structured a consolidation range around this level. A downward breakout from this range could potentially lead to a correction to 0.9110. Once the correction concludes, the trend might continue towards 0.9285.</p>
<h2><a></a>AUD/USD (Australian Dollar vs US Dollar)</h2>
<figure><img decoding="async" loading="lazy" width="1592" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/09/AUDUSDH1-18.png" alt="AUD/USD (Australian Dollar vs US Dollar)" class="wp-image-18230" srcset="https://blog.roboforex.com/wp-content/uploads/2023/09/AUDUSDH1-18.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/09/AUDUSDH1-18-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/09/AUDUSDH1-18-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/09/AUDUSDH1-18-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>AUD/USD (Australian Dollar vs US Dollar)</figcaption></figure><p>AUD/USD has undergone a corrective wave to 0.6460. Currently, the market is forming a consolidation range below this level. A downward breakout from this range could potentially result in a decline to 0.6388. Alternatively, breaking above this level might open the potential for a trend-driven decline to 0.6300.</p>
<h2><a></a>BRENT</h2>
<figure><img decoding="async" loading="lazy" width="1592" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/09/BRENTH4-9.png" alt="BRENT" class="wp-image-18231" srcset="https://blog.roboforex.com/wp-content/uploads/2023/09/BRENTH4-9.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/09/BRENTH4-9-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/09/BRENTH4-9-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/09/BRENTH4-9-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>BRENT</figcaption></figure><p>Brent has experienced an upward wave to 95.12. Today, the market is undergoing a correction to 92.24. Following this, a potential upward breakout to 93.73 might occur. This will help in establishing the new boundaries of the market range. A downward breakout could extend the correction to 89.35. Conversely, an upward breakout could open the potential for a continued rise in line with the trend, reaching 97.07. This represents a local target.</p>
<h2><a></a>XAU/USD (Gold vs US Dollar)</h2>
<figure><img decoding="async" loading="lazy" width="1592" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/09/XAUUSDH1-19.png" alt="XAU/USD (Gold vs US Dollar)" class="wp-image-18232" srcset="https://blog.roboforex.com/wp-content/uploads/2023/09/XAUUSDH1-19.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/09/XAUUSDH1-19-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/09/XAUUSDH1-19-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/09/XAUUSDH1-19-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>XAU/USD (Gold vs US Dollar)</figcaption></figure><p>Gold has completed a decline wave to 1857.50. Presently, the market is establishing a consolidation range above this level. A downward breakout from this range could potentially lead to a decline to 1853.05. Conversely, breaking above this level might not exclude a corrective phase to 1880.80 (with a test from below), followed by a decline to 1853.05.</p>
<h2><a></a>S&P 500</h2>
<figure><img decoding="async" loading="lazy" width="1592" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/09/US500CashH1-20.png" alt="S&P 500" class="wp-image-18233" srcset="https://blog.roboforex.com/wp-content/uploads/2023/09/US500CashH1-20.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/09/US500CashH1-20-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/09/US500CashH1-20-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/09/US500CashH1-20-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>S&P 500</figcaption></figure><p>The stock index has experienced a rise to 4290.0. Today, the market is in a consolidation phase around this level. An upward breakout from this range could potentially extend the correction to 4345.3. Following this, a decline wave to 4228.0 might commence.</p>
<p>
<a href="https://my.roboforex.com/en/register/">Open Trading Account</a></p><p>The post <a rel="nofollow" href="https://blog.roboforex.com/blog/2023/09/29/technical-analysis-forecast-september-29-2023/">Technical Analysis & Forecast September 29, 2023</a> appeared first at <a rel="nofollow" href="https://blog.roboforex.com">R Blog – RoboForex</a>.</p>
Leave a Comment