Technical Analysis & Forecast August 1, 2023
<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/TA_3-360×360.jpg" class="attachment-thumbnail size-thumbnail wp-post-image" alt="Technical Analysis & Forecast" decoding="async" loading="lazy" style="margin-bottom: 15px;" /></div><p><a href="https://roboforex.com/beginners/info/charts/metals/xauusd/" data-internallinksmanager029f6b8e52c="43" title="XAU/USD">Gold</a> is experiencing a continued decline. This overview also covers 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 the S&P 500 index.</p>
<h2>EUR/USD (Euro vs US Dollar)</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="697" src="https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1.png" alt="EUR/USD (Euro vs US Dollar)" class="wp-image-17272" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>EUR/USD (Euro vs US Dollar)</figcaption></figure><p>EUR/USD has completed its downward wave, reaching the 1.0990 level. Currently, a consolidation range is forming around this level. A breakout below could lead to a decline towards 1.0940. Conversely, an upward breakout could initiate a growth wave towards the 1.1033 level, with the potential for further continuation of 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> to 1.1090.</p>
<h2>GBP/USD (Great Britain Pound vs US Dollar)</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="697" src="https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1.png" alt="GBP/USD (Great Britain Pound vs US Dollar)" class="wp-image-17265" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>GBP/USD (Great Britain Pound vs US Dollar)</figcaption></figure><p>GBP/USD has completed its downward structure, reaching the 1.2827 level. Currently, a consolidation range is forming around this level. A breakout below could lead to a decline towards 1.2770. On the other hand, an upward breakout could trigger a price increase towards the 1.2880 level, with the potential for further continuation of the trend to the 1.2909 level.</p>
<h2>USD/JPY (US Dollar vs Japanese Yen)</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="697" src="https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1.png" alt="USD/JPY (US Dollar vs Japanese Yen)" class="wp-image-17266" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>USD/JPY (US Dollar vs Japanese Yen)</figcaption></figure><p>USD/JPY is currently consolidating around the 141.99 level. The market is attempting to break above this range. If there's an upward breakout, a growth wave could extend towards the 143.28 level. Alternatively, a downward breakout might trigger a correction towards the 140.66 level.</p>
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<h2>USD/CHF (US Dollar vs Swiss Franc)</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="697" src="https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1.png" alt="USD/CHF (US Dollar vs Swiss Franc)" class="wp-image-17267" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>USD/CHF (US Dollar vs Swiss Franc)</figcaption></figure><p>USD/CHF is experiencing a consolidation phase around the 0.8690 level without any strong trend. In case of a downward breakout, a correction towards 0.8644 is possible. However, an upward breakout could lead to a growth towards 0.8836, representing the first target.</p>
<h2>AUD/USD (Australian Dollar vs US Dollar)</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="697" src="https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1.png" alt="AUD/USD (Australian Dollar vs US Dollar)" class="wp-image-17268" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>AUD/USD (Australian Dollar vs US Dollar)</figcaption></figure><p>AUD/USD has completed its downward wave, reaching the 0.6659 level. Currently, a consolidation range is forming above this level. A breakout below might extend the structure to 0.6623, while an upward breakout could lead to growth towards 0.6763.</p>
<h2>BRENT</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="697" src="https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH4.png" alt="BRENT" class="wp-image-17269" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH4.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH4-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH4-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH4-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>BRENT</figcaption></figure><p>Brent has successfully reached its growth target at the 85.49 level. The market is currently consolidating below this level. There's a possibility of a decline towards 81.50, followed by a rise to 91.00, representing a local target. After hitting this level, a correction towards 81.53 is expected to begin.</p>
<h2>XAU/USD (Gold vs US Dollar)</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="697" src="https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1.png" alt="XAU/USD (Gold vs US Dollar)" class="wp-image-17270" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>XAU/USD (Gold vs US Dollar)</figcaption></figure><p>Gold continues its descent towards the 1952.50 level. An upward movement towards the 1962.33 level is expected next, followed by a decline to 1933.00, with the potential for further continuation of the trend to 1924.20.</p>
<h2>S&P 500</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="697" src="https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1.png" alt="S&P 500" class="wp-image-17271" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>S&P 500</figcaption></figure><p>The stock index is forming a consolidation range around the 4586.0 level. Today, the price could rise to 4605.0 and then drop to 4586.0 (a test from above), which might be followed by growth towards 4620.7.</p>
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