Technical Analysis & Forecast for August 23, 2023
<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/TA_18-360×360.jpg" class="attachment-thumbnail size-thumbnail wp-post-image" alt="Technical Analysis & Forecast" decoding="async" loading="lazy" style="margin-bottom: 15px;" /></div><p>Brent <a title="<div class="wpg-tooltip-content"><p>Crude Oil is a natural resource used as a raw material in the refining and petrochemical industries.</p></div>" href="https://blog.roboforex.com/glossary-terms/oil/">Crude Oil</a> (BRENT) is undergoing a corrective wave. This report also covers the trends in <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>, <a href="https://roboforex.com/beginners/info/charts/metals/xauusd/" data-internallinksmanager029f6b8e52c="43" title="XAU/USD">Gold</a>, and the S&P 500 index.</p>
<h2>EUR/USD (Euro vs US Dollar)</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="703" src="https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-16.png" alt="EUR/USD (Euro vs US Dollar)" class="wp-image-17632" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-16.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-16-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-16-768×339.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-16-1536×678.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>EUR/USD (Euro vs US Dollar)</figcaption></figure><p>EUR/USD completed a downward wave reaching 1.0833. Today, the market is in correction mode with a target around 1.0874 (with a test from below). Once the correction concludes, a new downward wave to 1.0816 could begin, followed by a potential upward move to 1.0950.</p>
<h2>GBP/USD (Great Britain Pound vs US Dollar)</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="703" src="https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-16.png" alt="GBP/USD (Great Britain Pound vs US Dollar)" class="wp-image-17630" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-16.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-16-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-16-768×339.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-16-1536×678.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 impulse to 1.2717. Today, a correction to 1.2759 is expected. After the correction, a new downward wave to 1.2680 might follow, with the potential for a further drop to 1.2640.</p>
<h2>USD/JPY (US Dollar vs Japanese Yen)</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="703" src="https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-16.png" alt="USD/JPY (US Dollar vs Japanese Yen)" class="wp-image-17631" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-16.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-16-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-16-768×339.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-16-1536×678.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>USD/JPY (US Dollar vs Japanese Yen)</figcaption></figure><p>USD/JPY is currently in a downward wave targeting 145.30. After reaching this level, a new upward <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 145.75 might emerge. Following that, another downward wave to 144.88 is possible, followed by a rise to 146.77. This is the 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="703" src="https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-16.png" alt="USD/CHF (US Dollar vs Swiss Franc)" class="wp-image-17629" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-16.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-16-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-16-768×339.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-16-1536×678.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>USD/CHF (US Dollar vs Swiss Franc)</figcaption></figure><p>USD/CHF completed an upward impulse to 0.8808. Today, the market is forming a narrow consolidation range below this level. An exit from this range downward might lead to a correction to 0.8788, followed by an increase to 0.8825, potentially extending to 0.8888.</p>
<h2>AUD/USD (Australian Dollar vs US Dollar)</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="703" src="https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-16.png" alt="AUD/USD (Australian Dollar vs US Dollar)" class="wp-image-17628" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-16.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-16-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-16-768×339.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-16-1536×678.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>AUD/USD (Australian Dollar vs US Dollar)</figcaption></figure><p>AUD/USD is currently in a consolidation range around 0.6404. A drop to 0.6340 is expected. With a breakout below this range, the potential for a decline to 0.6277 might open. This is the local target.</p>
<h2>BRENT </h2>
<figure><img decoding="async" loading="lazy" width="1593" height="703" src="https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH1-3.png" alt="BRENT" class="wp-image-17627" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH1-3.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH1-3-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH1-3-768×339.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH1-3-1536×678.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>BRENT</figcaption></figure><p>Brent is in the midst of forming a consolidation range around 84.20. A new upward move to 85.77 is possible today, followed by a decline to 82.00. This level is where the correction range is likely to conclude. After the correction, a new upward wave to 87.77 might begin. This is the local target.</p>
<h2>XAU/USD (Gold vs US Dollar)</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="703" src="https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-16.png" alt="XAU/USD (Gold vs US Dollar)" class="wp-image-17626" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-16.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-16-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-16-768×339.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-16-1536×678.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>XAU/USD (Gold vs US Dollar)</figcaption></figure><p>Gold is developing a consolidation range around 1894.63. A move up to 1904.94 is expected today. Breaking out of this range upwards could lead to further correction towards 1929.00. Conversely, an escape from the range downwards might continue the trend towards 1868.50.</p>
<h2>S&P 500</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="703" src="https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-15.png" alt="S&P 500" class="wp-image-17625" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-15.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-15-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-15-768×339.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-15-1536×678.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>S&P 500</figcaption></figure><p>The stock index completed a correction wave reaching 4428.0. Today, a downward move to 4383.3 has occurred, and a consolidation range around this level has formed. An upward breakout from this range might lead to further correction towards 4490.0, while a downward breakout could open the potential for a further decline to 4300.0.</p>
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