Technical Analysis & Forecast September 4, 2023
<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/TA_2-360×360.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/forex/eurusd/" data-internallinksmanager029f6b8e52c="35" title="EUR/USD">EUR</a> could sustain its downtrend. In this overview, we also analyze the movements of <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, <a href="https://roboforex.com/beginners/info/charts/metals/xauusd/" data-internallinksmanager029f6b8e52c="43" title="XAU/USD">Gold</a>, and the S&P 500 index.</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/EURUSDH1-1.png" alt="EUR/USD (Euro vs US Dollar)" class="wp-image-17792" srcset="https://blog.roboforex.com/wp-content/uploads/2023/09/EURUSDH1-1.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/09/EURUSDH1-1-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/09/EURUSDH1-1-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/09/EURUSDH1-1-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>EUR/USD (Euro vs US Dollar)</figcaption></figure><p>EUR/USD has successfully concluded a wave, reaching 1.0770. Presently, the market is consolidating above this level. If it breaks out of this range to the upside, we may see an upward movement to 1.0810. Conversely, a downward breakout could signal a move towards 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 extend to 1.0700. This is the 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/GBPUSDH1-1.png" alt="GBP/USD (Great Britain Pound vs US Dollar)" class="wp-image-17785" srcset="https://blog.roboforex.com/wp-content/uploads/2023/09/GBPUSDH1-1.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/09/GBPUSDH1-1-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/09/GBPUSDH1-1-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/09/GBPUSDH1-1-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>GBP/USD (Great Britain Pound vs US Dollar)</figcaption></figure><p>GBP/USD has concluded a bearish wave at 1.2567. Today, we observe a consolidation range forming above this level. Should it break out upwards from this range, we could witness a corrective movement to 1.2640. Conversely, a downward breakout might open the door for a decline to 1.2520, from where the trend could continue to 1.2482. This is the 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/USDJPYH1-1.png" alt="USD/JPY (US Dollar vs Japanese Yen)" class="wp-image-17786" srcset="https://blog.roboforex.com/wp-content/uploads/2023/09/USDJPYH1-1.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/09/USDJPYH1-1-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/09/USDJPYH1-1-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/09/USDJPYH1-1-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>USD/JPY (US Dollar vs Japanese Yen)</figcaption></figure><p>USD/JPY has completed a downward structure to 144.44, followed by a bullish impulse to 146.28. Currently, the market is forming a narrow consolidation range just below this level. If it breaks out downward from this range, a correction to 145.37 is possible. On the other hand, an upward breakout could pave the way for a rise to 147.30, from where the trend might continue to 148.10.</p>
<p><em>Participate in the RoboForex <a href="https://blog.roboforex.com/blog/2021/07/30/how-to-become-a-successful-partner-of-a-forex-broker/" data-internallinksmanager029f6b8e52c="194" title="Partner">partner</a> promotion with a total prize pool of 1,000,000 USD! Click on the banner to learn about the participation conditions and join the cash prize draws.</em></p>
<a href="https://roboforex.com/clients/promotions/partners-promo-2023/" target="_blank" rel="noopener"><img decoding="async" src="https://blog.roboforex.com/wp-content/themes/robo-blog-2021/images/banners/internal/rf-en__roboforex-promotion__768x68.jpg" alt="$1,000,000 cash prize draw for RoboForex partners" width="100%" height="auto" /></a>
<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/USDCHFH1-1.png" alt="USD/CHF (US Dollar vs Swiss Franc)" class="wp-image-17787" srcset="https://blog.roboforex.com/wp-content/uploads/2023/09/USDCHFH1-1.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/09/USDCHFH1-1-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/09/USDCHFH1-1-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/09/USDCHFH1-1-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>USD/CHF (US Dollar vs Swiss Franc)</figcaption></figure><p>USD/CHF underwent a corrective wave to 0.8796 and then surged to 0.8862. A consolidation range could take shape under this level today. If it breaks out downward from this range, a corrective move to 0.8808 is plausible. Conversely, an upward breakout might open the door for a wave to 0.8873, from where the trend could continue to 0.8903. This is the first 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/AUDUSDH1-1.png" alt="AUD/USD (Australian Dollar vs US Dollar)" class="wp-image-17788" srcset="https://blog.roboforex.com/wp-content/uploads/2023/09/AUDUSDH1-1.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/09/AUDUSDH1-1-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/09/AUDUSDH1-1-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/09/AUDUSDH1-1-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>AUD/USD (Australian Dollar vs US Dollar)</figcaption></figure><p>AUD/USD continues to consolidate around 0.6475. A downside breakout could trigger a fresh downward wave to 0.6373, potentially extending the trend to 0.6300. This is the 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/BRENTH1-1.png" alt="BRENT" class="wp-image-17789" srcset="https://blog.roboforex.com/wp-content/uploads/2023/09/BRENTH1-1.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/09/BRENTH1-1-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/09/BRENTH1-1-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/09/BRENTH1-1-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>BRENT</figcaption></figure><p>Brent has broken through the 87.66 level upwards and formed a rise to 88.66 today. A downward move to 87.66 isn't ruled out (with a test from above). Following that, a rise to 88.88 seems plausible, from where the trend might continue to 89.44. This is 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/XAUUSDH1-1.png" alt="XAU/USD (Gold vs US Dollar)" class="wp-image-17790" srcset="https://blog.roboforex.com/wp-content/uploads/2023/09/XAUUSDH1-1.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/09/XAUUSDH1-1-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/09/XAUUSDH1-1-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/09/XAUUSDH1-1-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>XAU/USD (Gold vs US Dollar)</figcaption></figure><p>Gold is currently consolidating around 1945.70, having extended the range to 1934.34. A rise to 1945.70 is expected today (with a test from below). Next, a decline to 1924.14 could follow, from where the wave could extend to 1917.22. This is the first target.</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/US500CashH1-1.png" alt="S&P 500" class="wp-image-17791" srcset="https://blog.roboforex.com/wp-content/uploads/2023/09/US500CashH1-1.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/09/US500CashH1-1-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/09/US500CashH1-1-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/09/US500CashH1-1-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>S&P 500</figcaption></figure><p>The stock index is still forming a consolidation range around 4522.0. Currently, we see a downward impulse to 4500.8 alongside a correction to 4521.5 (with a test from below). Following this, a decline to 4480.0 could occur, from where the trend might continue to 4458.0. This is the first target.</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/2023/09/04/technical-analysis-forecast-september-4-2023/">Technical Analysis & Forecast September 4, 2023</a> appeared first at <a rel="nofollow" href="https://blog.roboforex.com">R Blog – RoboForex</a>.</p>
Leave a Comment