Technical Analysis & Forecast for August 28, 2023
<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/TA_21-360×360.jpg" class="attachment-thumbnail size-thumbnail wp-post-image" alt="Technical Analysis & Forecast" decoding="async" loading="lazy" style="margin-bottom: 15px;" /></div><p>Brent Continues its Uptrend. In this report, we'll also explore 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>, <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="707" src="https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-19.png" alt="EUR/USD (Euro vs US Dollar)" class="wp-image-17678" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-19.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-19-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-19-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-19-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>EUR/USD (Euro vs US Dollar)</figcaption></figure><p>EUR/USD experienced a downtrend, reaching 1.0765. Today, the market is forming a corrective <a title="<div class="wpg-tooltip-content"><p>A pattern is a particular recurring situation on the price chart of a financial instrument, which helps the trader to predict further possible price movements based on historical data.</p></div>" href="https://blog.roboforex.com/glossary-terms/pattern/">pattern</a> towards 1.0815, possibly with a test from below. Subsequently, we anticipate a decline to 1.0740, from where 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> might extend to 1.0711. This is a local target.</p>
<h2>GBP/USD (Great Britain Pound vs US Dollar)</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="707" src="https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-19.png" alt="GBP/USD (Great Britain Pound vs US Dollar)" class="wp-image-17677" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-19.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-19-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-19-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-19-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>GBP/USD (Great Britain Pound vs US Dollar)</figcaption></figure><p>GBP/USD completed a downtrend to 1.2547. Presently, the market is constructing a correction towards 1.2606. Following this correction, we expect a downtrend to 1.2536, from where the trend could persist to 1.2490. This is a local target.</p>
<h2>USD/JPY (US Dollar vs Japanese Yen)</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="707" src="https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-19.png" alt="USD/JPY (US Dollar vs Japanese Yen)" class="wp-image-17676" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-19.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-19-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-19-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-19-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>USD/JPY (US Dollar vs Japanese Yen)</figcaption></figure><p>USD/JPY concluded an uptrend at 146.62. The market is currently forming a consolidation range beneath this level. We do not rule out the possibility of a corrective pullback to 146.62, followed by an ascent to 146.90, from where the trend could proceed to 147.50.</p>
<p><em>Take part in the RoboForex <a href="https://blog.roboforex.com/blog/2021/07/30/how-to-become-a-successful-partner-of-a-forex-broker/" data-internallinksmanager029f6b8e52c="194" title="Partner">partner</a> promotion with a prize pool of 1,000,000 USD. 60 winners receive cash prizes each month! Click on the banner to learn about the participation conditions and join the promotion.</em></p>
<a href="https://roboforex.com/clients/promotions/partners-promo-2023/" target="_blank" rel="noopener"><img decoding="async" loading="lazy" src="https://blog.roboforex.com/wp-content/themes/robo-blog-2021/images/banners/internal/rf-en__roboforex-promotion__768x68.jpg" alt="$1,000,000 cash prize draw for RoboForex partners" width="100%" height="auto" /></a>
<h2>USD/CHF (US Dollar vs Swiss Franc)</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="707" src="https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-19.png" alt="USD/CHF (US Dollar vs Swiss Franc)" class="wp-image-17675" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-19.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-19-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-19-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-19-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>USD/CHF (US Dollar vs Swiss Franc)</figcaption></figure><p>USD/CHF completed an uptrend to 0.8875. There's a chance of a corrective decline to 0.8823, followed by another uptrend to 0.8909. This is a local target.</p>
<h2>AUD/USD (Australian Dollar vs US Dollar)</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="707" src="https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-19.png" alt="AUD/USD (Australian Dollar vs US Dollar)" class="wp-image-17674" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-19.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-19-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-19-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-19-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>AUD/USD (Australian Dollar vs US Dollar)</figcaption></figure><p>AUD/USD wrapped up a downtrend at 0.6380. We might see a correction to 0.6444 today. After this correction, a decline to 0.6372 is anticipated, from where the trend could extend to 0.6372.</p>
<h2>BRENT</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="707" src="https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH1-6.png" alt="BRENT" class="wp-image-17673" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH1-6.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH1-6-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH1-6-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH1-6-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>BRENT</figcaption></figure><p>Brent concluded an uptrend at 84.39. Presently, the market is establishing a consolidation range below this level. We anticipate a breakout to the upside, targeting 85.00. Further, an upward breakout might lead to an uptrend to 86.76, from where the trend could continue to 86.76. This is a local target.</p>
<h2>XAU/USD (Gold vs US Dollar)</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="707" src="https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-19.png" alt="XAU/USD (Gold vs US Dollar)" class="wp-image-17679" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-19.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-19-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-19-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-19-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>XAU/USD (Gold vs US Dollar)</figcaption></figure><p>Gold finalized a downtrend at 1903.70. The market is presently forming a corrective pattern towards 1918.30. After reaching this level, we may see a decline to 1901.50. Subsequently, a rise to 1911.80 and a decline to 1900.50 are expected. This is the initial target.</p>
<h2>S&P 500</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="707" src="https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-18.png" alt="S&P 500" class="wp-image-17672" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-18.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-18-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-18-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-18-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>S&P 500</figcaption></figure><p>The stock index wrapped up a downtrend at 4356.0. Currently, the market is constructing a correction towards 4434.0. After the correction, we anticipate a downtrend to 4265.5, from where the trend could extend to 4230.0. This is a local target.</p>
<p>
<a href="https://my.roboforex.com/en/register/">Open Trading Account</a></p><p>The post <a rel="nofollow" href="https://blog.roboforex.com/blog/2023/08/28/technical-analysis-forecast-for-august-28-2023/">Technical Analysis & Forecast for August 28, 2023</a> appeared first at <a rel="nofollow" href="https://blog.roboforex.com">R Blog – RoboForex</a>.</p>
Leave a Comment