Technical Analysis & Forecast August 17, 2023
<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/TA_15-360×360.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>'s Downward Movement Persists. Insights also Unveil <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 Dynamics.</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/EURUSDH1-12.png" alt="EUR/USD (Euro vs US Dollar)" class="wp-image-17545" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-12.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-12-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-12-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-12-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>EUR/USD (Euro vs US Dollar)</figcaption></figure><p>EUR/USD has breached the 1.0890 level downward, opening the potential for a descent to 1.0850. After reaching this mark, a correction to 1.0892 is possible (tested from beneath). Subsequently, a dip to 1.0833 may occur, paving 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 toward 1.0750.</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/GBPUSDH1-12.png" alt="GBP/USD (Great Britain Pound vs US Dollar)" class="wp-image-17546" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-12.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-12-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-12-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-12-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>GBP/USD (Great Britain Pound vs US Dollar)</figcaption></figure><p>GBP/USD is currently establishing a broad consolidation range around 1.2689. An anticipated move involves a decline to the lower range boundary at 1.2650 today. If the lower boundary is breached, a path toward 1.2533 might unfold, and the trend could extend to 1.2444.</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/USDJPYH1-12.png" alt="USD/JPY (US Dollar vs Japanese Yen)" class="wp-image-17547" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-12.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-12-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-12-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-12-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>USD/JPY (US Dollar vs Japanese Yen)</figcaption></figure><p>USD/JPY has concluded a rising wave <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> at 146.55. A potential corrective decline to 146.00 exists, followed by an expected rise to 146.88. This could lead the trend onward to 147.00, serving as a 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="697" src="https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-12.png" alt="USD/CHF (US Dollar vs Swiss Franc)" class="wp-image-17548" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-12.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-12-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-12-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-12-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>USD/CHF (US Dollar vs Swiss Franc)</figcaption></figure><p>USD/CHF is in a consolidation phase around 0.8795 without a pronounced trend. An upward escape from this range to 0.8844 is projected for today. Should this level be surpassed, the wave might extend to 0.8888, driving the trend toward 0.8988.</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/AUDUSDH1-12.png" alt="AUD/USD (Australian Dollar vs US Dollar)" class="wp-image-17549" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-12.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-12-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-12-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-12-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>AUD/USD (Australian Dollar vs US Dollar)</figcaption></figure><p>AUD/USD has finalized a decline wave at 0.6364. A corrective move to 0.6420 is plausible today (tested from beneath). Subsequently, a decline to 0.6336 could transpire, potentially leading the trend toward 0.6300.</p>
<h2>BRENT</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="697" src="https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH4-12.png" alt="BRENT" class="wp-image-17550" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH4-12.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH4-12-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH4-12-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH4-12-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>BRENT</figcaption></figure><p>Brent recently underwent a correction to 82.75, with a projected consolidation range forming above this level today. An upward breakout from this range may propel the wave toward 90.75, from where the trend might extend to 93.55, representing a local target.</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/XAUUSDH1-12.png" alt="XAU/USD (Gold vs US Dollar)" class="wp-image-17552" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-12.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-12-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-12-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-12-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>XAU/USD (Gold vs US Dollar)</figcaption></figure><p>Gold has completed its downward structure at 1889.50. A potential correction to 1900.00 could occur today. After this phase concludes, the decline could persist to 1868.50, marking only half of the descending wave. The estimated target for this movement lies at the 1715.00 threshold.</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/US500CashH1-11.png" alt="S&P 500" class="wp-image-17551" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-11.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-11-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-11-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-11-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>S&P 500</figcaption></figure><p>The stock index has established a consolidation range around 4440.0, and an anticipated downward breakout continues the descent wave to 4390.0. Upon reaching this level, an upward move to 4415.0 is not ruled out (with a test from beneath). A subsequent decline to 4377.0 is anticipated, serving as a local target.</p>
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