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EUR May Continue Its Correction: An Overview of GBP, JPY, CHF, AUD, Brent, Gold, and the S&P 500 Index

EUR/USD (Euro vs. US Dollar)

EUR/USD is currently consolidating around 1.0717. There's a possibility of the market extending this range to 1.0750 today. The correction could continue up to 1.0790 (with a potential test from below). Following this correction, a new decline to 1.0680 is anticipated as a local target. After reaching this level, a fresh wave of growth towards 1.0900 might commence.

GBP/USD (British Pound vs. US Dollar)

The British Pound (GBP/USD) is in a consolidation phase around 1.2490. Today, the market might expand this range to 1.2534. The correction could extend up to the 1.2580 level (with a potential test from below). Subsequently, a decline to 1.2425 is expected as a local target. Following that, a new wave of growth towards 1.2720 might initiate.

USD/JPY (US Dollar vs. Japanese Yen)

USD/JPY has broken downwards from the 146.60 level and could develop a correction to 145.92. Today, the price is expected to reach this level and then return to 146.60 (with a potential test from below). Subsequently, a decline to 145.28 might follow, after which a new upward move towards 148.70 is anticipated.

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USD/CHF (US Dollar vs. Swiss Franc)

USD/CHF is currently forming a consolidation range around 0.8917 without a strong trend. Today, this range might extend to 0.8888 (with a potential test from above). Once the quotes reach this level, a rise to 0.8990 could follow. Subsequently, a downward wave towards 0.8800 might begin.

AUD/USD (Australian Dollar vs. US Dollar)

AUD/USD has broken upwards from the 0.6514 level, after which the correction could continue to 0.6456. Once this level is reached, a decline to 0.6415 is not excluded (with a potential test from above). Subsequently, an upward move towards 0.6472 might occur, followed by a decline to 0.6334.

BRENT

Brent is currently forming a consolidation range around 90.00. Today, this range might extend to 91.08. Following this extension, a decline to 90.00 is expected, followed by a rise to 92.22. From there, the trend could continue towards 93.20, which is a local target.

XAU/USD (Gold vs. US Dollar)

Gold has broken upwards from the 1923.20 level and might continue the correction to 1929.90. Afterward, a decline to 1923.20 is expected (with a potential test from above), followed by a rise to 1932.00. Following this level, a decline to 1903.33 might occur.

S&P 500

The S&P 500 stock index has formed a consolidation range around 4458.2. A move upwards to 4486.6 could develop today, which is the first target. After reaching this level, a correction towards 4500.0 is not excluded, followed by a new wave of decline to 4400.0.

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The post Technical Analysis & Forecast September 11, 2023 appeared first at R Blog - RoboForex.

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By: Igor Sayadov
Title: Technical Analysis & Forecast September 11, 2023
Sourced From: blog.roboforex.com/blog/2023/09/11/technical-analysis-forecast-september-11-2023/
Published Date: Mon, 11 Sep 2023 08:10:28 +0000

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