Technical Analysis & Forecast September 6, 2023
<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/TA_4-360×360.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 might undergo a correction before a new wave of decline. This overview also provides insights into 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>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/EURUSDH1-3.png" alt="EUR/USD (Euro vs US Dollar)" class="wp-image-17814" srcset="https://blog.roboforex.com/wp-content/uploads/2023/09/EURUSDH1-3.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/09/EURUSDH1-3-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/09/EURUSDH1-3-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/09/EURUSDH1-3-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>EUR/USD (Euro vs US Dollar)</figcaption></figure><p>EUR/USD has completed a corrective movement to 1.0707. Today, the market is forming a consolidation range above this level. If there's an upward breakout from this range, we may see a rally to 1.0756 (with a test from below). Conversely, a downward breakout could pave the way for a decline to 1.0633, 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 down to 1.0566.</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/GBPUSDH1-3.png" alt="GBP/USD (Great Britain Pound vs US Dollar)" class="wp-image-17815" srcset="https://blog.roboforex.com/wp-content/uploads/2023/09/GBPUSDH1-3.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/09/GBPUSDH1-3-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/09/GBPUSDH1-3-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/09/GBPUSDH1-3-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>GBP/USD (Great Britain Pound vs US Dollar)</figcaption></figure><p>GBP/USD experienced a downward wave to 1.2530 followed by a correction to 1.2585. Currently, a consolidation range is shaping up below this level. Should the price break out upward from this range, the correction could extend to 1.2638. Conversely, a downward breakout might trigger a move to 1.2459, from where the trend could continue down to 1.2424 (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/USDJPYH1-3.png" alt="USD/JPY (US Dollar vs Japanese Yen)" class="wp-image-17816" srcset="https://blog.roboforex.com/wp-content/uploads/2023/09/USDJPYH1-3.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/09/USDJPYH1-3-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/09/USDJPYH1-3-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/09/USDJPYH1-3-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>USD/JPY (US Dollar vs Japanese Yen)</figcaption></figure><p>USD/JPY has completed an upward structure to 147.75. A downward correction to 147.07 is possible next, followed by an upward move to 148.78. This marks 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/USDCHFH1-3.png" alt="USD/CHF (US Dollar vs Swiss Franc)" class="wp-image-17817" srcset="https://blog.roboforex.com/wp-content/uploads/2023/09/USDCHFH1-3.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/09/USDCHFH1-3-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/09/USDCHFH1-3-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/09/USDCHFH1-3-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>USD/CHF (US Dollar vs Swiss Franc)</figcaption></figure><p>USD/CHF has executed an upward wave to 0.8902. Currently, a consolidation range is forming above this level. An upward breakout from this range could potentially lead to a rise to 0.8918, followed by a continuation of the trend to 0.8969. Conversely, a downward breakout might trigger a corrective movement to 0.8860, followed by an ascent to 0.8969.</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/AUDUSDH1-3.png" alt="AUD/USD (Australian Dollar vs US Dollar)" class="wp-image-17818" srcset="https://blog.roboforex.com/wp-content/uploads/2023/09/AUDUSDH1-3.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/09/AUDUSDH1-3-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/09/AUDUSDH1-3-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/09/AUDUSDH1-3-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>AUD/USD (Australian Dollar vs US Dollar)</figcaption></figure><p>AUD/USD has undergone a correction to 0.6357. Today, the market is forming a consolidation range above this level. A correction to 0.6424 is possible next (with a test from below), followed by a decline to 0.6330. This is the initial 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/BRENTH1-4.png" alt="BRENT" class="wp-image-17819" srcset="https://blog.roboforex.com/wp-content/uploads/2023/09/BRENTH1-4.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/09/BRENTH1-4-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/09/BRENTH1-4-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/09/BRENTH1-4-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>BRENT</figcaption></figure><p>Brent has surged in an upward wave to 90.86. Today, it might correct to 87.70 (with a test from above). The next wave of growth could potentially take it to 93.20, marking 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/XAUUSDH1-3.png" alt="XAU/USD (Gold vs US Dollar)" class="wp-image-17820" srcset="https://blog.roboforex.com/wp-content/uploads/2023/09/XAUUSDH1-3.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/09/XAUUSDH1-3-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/09/XAUUSDH1-3-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/09/XAUUSDH1-3-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>XAU/USD (Gold vs US Dollar)</figcaption></figure><p>Gold has breached the 1934.00 level downward, completing a declining movement to 1925.00. Currently, a consolidation range is forming around this level. A correction to 1933.00 is possible, followed by a decline to 1921.75, from where the trend might continue down to 1915.30.</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/US500CashH1-3.png" alt="S&P 500" class="wp-image-17821" srcset="https://blog.roboforex.com/wp-content/uploads/2023/09/US500CashH1-3.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/09/US500CashH1-3-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/09/US500CashH1-3-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/09/US500CashH1-3-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>S&P 500</figcaption></figure><p>The stock index has completed a downward wave to 4493.0. A consolidation range is forming above this level today. An upward breakout from this range to 4517.0 (with a test from below) is possible, followed by a decline to 4465.0. Conversely, a downward breakout from the range might continue the wave to 4465.0, from where it could extend to 4441.0.</p>
<p>
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