Technical Analysis & Forecast August 4, 2023
<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/TA_6-360×360.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 currently undergoing consolidation prior to an anticipated correction. This overview also delves 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 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/EURUSDH1-3.png" alt="EUR/USD (Euro vs US Dollar)" class="wp-image-17373" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-3.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-3-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-3-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-3-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>EUR/USD (Euro vs US Dollar)</figcaption></figure><p>EUR/USD has concluded a downward wave, reaching the 1.0917 level. At present, the market is establishing a consolidation range above this level. A potential growth phase could follow, extending the range towards the 1.0964 level. In the event of an upward breakout from this range, a correction towards 1.0997 is possible. Conversely, a downward breakout might pave the way for 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 continue towards 1.0869.</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/GBPUSDH1-3.png" alt="GBP/USD (Great Britain Pound vs US Dollar)" class="wp-image-17372" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-3.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-3-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-3-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-3-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>GBP/USD (Great Britain Pound vs US Dollar)</figcaption></figure><p>GBP/USD has successfully completed a descending structure, reaching the 1.2620 level. Today, the market has experienced a correction to 1.2737 (a test from below). An additional decline structure towards 1.2600 is projected as a local target. After reaching this level, another correction to the 1.2737 level might develop, followed by a decline towards the 1.2488 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/USDJPYH1-3.png" alt="USD/JPY (US Dollar vs Japanese Yen)" class="wp-image-17371" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-3.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-3-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-3-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-3-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>USD/JPY (US Dollar vs Japanese Yen)</figcaption></figure><p>USD/JPY has wrapped up a corrective link, reaching the 142.11 level. Presently, the market is forming a consolidation range above this level. In the scenario of a downward breakout, the correction could continue towards the 140.20 level. Alternatively, with an upward breakout, a growth link towards 145.45 might ensue, with the potential for trend continuation to 146.22.</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/USDCHFH1-3.png" alt="USD/CHF (US Dollar vs Swiss Franc)" class="wp-image-17370" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-3.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-3-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-3-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-3-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>USD/CHF (US Dollar vs Swiss Franc)</figcaption></figure><p>USD/CHF has concluded a corrective wave, reaching the 0.8730 level (a test from above). An additional growth structure towards the 0.8800 level is anticipated. An upward breakout from this level could lead to a trend-driven movement towards 0.8900, representing the initial 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/AUDUSDH1-3.png" alt="AUD/USD (Australian Dollar vs US Dollar)" class="wp-image-17369" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-3.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-3-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-3-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-3-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>AUD/USD (Australian Dollar vs US Dollar)</figcaption></figure><p>AUD/USD has finalized a downward wave, reaching the 0.6514 level. Today, the market has concluded a correction link to the 0.6577 level. Another phase of correction towards 0.6613 could follow. Following the completion of the correction, a fresh downward wave towards 0.6500 could initiate. In case of a breakout below this level, the trend might extend towards the 0.6425 level.</p>
<h2>BRENT</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="697" src="https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH4-3.png" alt="BRENT" class="wp-image-17368" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH4-3.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH4-3-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH4-3-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH4-3-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>BRENT</figcaption></figure><p>Brent has undergone a correction to the 82.25 level. Today, the market has completed a growth structure towards 85.40. Currently, a consolidation range is taking shape around this level. An upward breakout could lead to a wave towards 87.40, with the potential for trend continuation towards the 91.50 level.</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/XAUUSDH1-3.png" alt="XAU/USD (Gold vs US Dollar)" class="wp-image-17367" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-3.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-3-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-3-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-3-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>XAU/USD (Gold vs US Dollar)</figcaption></figure><p>Gold has concluded a downward wave, reaching the 1929.14 level. Today, the market continues to establish a consolidation range above this level. In case of an upward breakout, a correction link towards the 1951.60 level might follow. Conversely, a downward breakout could pave the way for trend continuation towards 1920.90, with a potential extension of the wave to 1914.40.</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/US500CashH1-3.png" alt="S&P 500" class="wp-image-17366" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-3.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-3-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-3-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-3-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>S&P 500</figcaption></figure><p>The stock index has wrapped up a downward wave, reaching the 4486.5 level. Today, the market is undergoing a correction towards 4522.2. Upon completion of the correction, another descending structure towards 4440.4 could evolve, representing a local target.</p>
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