Technical Analysis & Forecast September 1, 2023
<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/TA_1-360×360.jpg" class="attachment-thumbnail size-thumbnail wp-post-image" alt="Technical Analysis & Forecast" decoding="async" style="margin-bottom: 15px;" loading="lazy" /></div><p>The S&P 500 index appears poised to continue its downward <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>. Additionally, this overview provides insights into <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>EUR/USD (Euro vs US Dollar)</h2>
<figure><img decoding="async" width="1593" height="707" src="https://blog.roboforex.com/wp-content/uploads/2023/09/EURUSDH1.png" alt="EUR/USD (Euro vs US Dollar)" class="wp-image-17753" srcset="https://blog.roboforex.com/wp-content/uploads/2023/09/EURUSDH1.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/09/EURUSDH1-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/09/EURUSDH1-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/09/EURUSDH1-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>EUR/USD (Euro vs US Dollar)</figcaption></figure><p>EUR/USD has completed a wave, reaching the 1.0846 level. Today, the market is consolidating around this level. An upward breakout could lead to a bullish trend towards 1.0880. Conversely, a downward breakout might initiate a decline to 1.0808, with the potential for further movement to 1.0756, representing a local target.</p>
<h2>GBP/USD (Great Britain Pound vs US Dollar)</h2>
<figure><img decoding="async" width="1593" height="707" src="https://blog.roboforex.com/wp-content/uploads/2023/09/GBPUSDH1.png" alt="GBP/USD (Great Britain Pound vs US Dollar)" class="wp-image-17752" srcset="https://blog.roboforex.com/wp-content/uploads/2023/09/GBPUSDH1.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/09/GBPUSDH1-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/09/GBPUSDH1-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/09/GBPUSDH1-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>GBP/USD (Great Britain Pound vs US Dollar)</figcaption></figure><p>GBP/USD has finished a downward wave, reaching the 1.2674 level. Currently, it is forming a consolidation range around this level. A downward breakout could pave the way for a move to 1.2612, from where the trend might extend to 1.2484, marking 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.png" alt="USD/JPY (US Dollar vs Japanese Yen)" class="wp-image-17751" srcset="https://blog.roboforex.com/wp-content/uploads/2023/09/USDJPYH1.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/09/USDJPYH1-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/09/USDJPYH1-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/09/USDJPYH1-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>USD/JPY (US Dollar vs Japanese Yen)</figcaption></figure><p>USD/JPY has completed a declining structure, reaching the 145.45 level. The market is currently in a narrow consolidation range around this level. An expected downward breakout could continue the downward trend to 144.70.</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.png" alt="USD/CHF (US Dollar vs Swiss Franc)" class="wp-image-17750" srcset="https://blog.roboforex.com/wp-content/uploads/2023/09/USDCHFH1.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/09/USDCHFH1-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/09/USDCHFH1-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/09/USDCHFH1-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>USD/CHF (US Dollar vs Swiss Franc)</figcaption></figure><p>USD/CHF has successfully executed an upward wave, reaching the 0.8828 level. Today, a consolidation range might form around this level. In the event of a downward breakout, a decline to 0.8787 could follow. Conversely, an upward breakout may lead to a move towards 0.8900, marking the initial target.</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.png" alt="AUD/USD (Australian Dollar vs US Dollar)" class="wp-image-17749" srcset="https://blog.roboforex.com/wp-content/uploads/2023/09/AUDUSDH1.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/09/AUDUSDH1-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/09/AUDUSDH1-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/09/AUDUSDH1-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>AUD/USD (Australian Dollar vs US Dollar)</figcaption></figure><p>AUD/USD continues to trade within a consolidation range around the 0.6460 level. A potential downward breakout could initiate a new declining wave towards 0.6414, with the trend potentially extending to the 0.6316 level, representing a local target.</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.png" alt="BRENT" class="wp-image-17748" srcset="https://blog.roboforex.com/wp-content/uploads/2023/09/BRENTH1.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/09/BRENTH1-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/09/BRENTH1-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/09/BRENTH1-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>BRENT</figcaption></figure><p>Brent has found support at the 85.55 level and is continuing its upward movement towards 87.77. Upon reaching this level, a corrective move to 85.55 could unfold, with a potential upward breakout followed by a move to 88.88. Subsequently, the trend might extend towards 89.50.</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.png" alt="XAU/USD (Gold vs US Dollar)" class="wp-image-17747" srcset="https://blog.roboforex.com/wp-content/uploads/2023/09/XAUUSDH1.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/09/XAUUSDH1-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/09/XAUUSDH1-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/09/XAUUSDH1-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>XAU/USD (Gold vs US Dollar)</figcaption></figure><p>Gold has completed an upward wave, reaching the 1948.00 level. The market has initiated a downward move, reaching 1940.55 and forming a consolidation range around this level. A projected downward breakout towards 1932.20 is expected, followed by a corrective move towards 1940.00. The price may subsequently continue its trend towards 1915.00.</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.png" alt="S&P 500" class="wp-image-17754" srcset="https://blog.roboforex.com/wp-content/uploads/2023/09/US500CashH1.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/09/US500CashH1-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/09/US500CashH1-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/09/US500CashH1-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>S&P 500</figcaption></figure><p>The stock index is currently consolidating around the 4518.0 level. A potential downward breakout from this range could trigger a new wave of decline towards 4428.0, with the trend possibly extending to 4370.0.</p>
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