Technical Analysis & Forecast 06.10.2023

EURUSD, “Euro vs US Dollar”

EURUSD has made a corrective movement to 1.0550. At the moment, the market is consolidating under this level. A declining movement to 1.0487 could follow today. Practically, a wide consolidation range has formed around this level. With an escape from the range downwards, an extension to 1.0421 is not excluded. With an escape upwards, the corrective wave might continue to 1.0611.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD has made a rising movement to 1.2194. At the moment, the market is consolidating under this level. A link of decline to 1.2080 is not excluded today. Practically, a consolidation range has formed around 1.2106. With an escape upwards, the correction could extend to 1.2300. With an escape from the range downwards, a wave to 1.1990 is expected, from where the trend might continue to 1.1900.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY continues developing a consolidation range above 148.30. Today the pair could rise to 149.06. And if this level breaks upwards, the potential for a rise to 149.85 might open, followed by a decline to 149.06 (with a test from above). Next, growth to 150.88 could follow. In case the 148.30 level breaks downwards, the potential for a further correction to 147.27 might open.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF has completed a wave of correction to 0.9120. Today the market is forming a consolidation range above this level. An escape from the range upwards is expected, followed by further development of the wave to 0.9200 and a possible trend extension to the 0.9318 level.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD has completed a corrective wave to 0.6380. Today a consolidation range is forming under this level. A decline to 0.6326 is expected. Practically, a wide consolidation range is forming around 0.6326. With an escape upwards, the correction might continue to 0.6450. With an escape downwards, the potential for a decline to 0.6277 could open, from where the trend might extend to 0.6229.

BRENT

Brent formed a consolidation range above 89.20 and, escaping it downwards, completed a declining movement to 84.40. Today the market is forming a consolidation range around this level. It might extend to 82.82. After the price reaches this mark, a new wave of decline to 90.00 could form, from where the trend could continue to 95.00. This is a local target.

XAUUSD, “Gold vs US Dollar”

Gold has completed a wave of decline to 1812.86. Today a link of growth to 1833.00 could develop (with a test from below). Next, a decline to 1785.87 is expected. This is a local target.

S&P 500

The stock index continues developing a consolidation range around 4240.0. Today a link of growth to 4280.0 is not excluded (with a test from below). Next, the wave of decline could continue to 4165.0, from where the trend might extend to 4117.0. This is a local target.