Technical Analysis & Forecast August 2, 2023

<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/TA_4-360×360.jpg" class="attachment-thumbnail size-thumbnail wp-post-image" alt="Technical Analysis &amp; Forecast" decoding="async" loading="lazy" style="margin-bottom: 15px;" /></div><p><a href="https://roboforex.com/beginners/info/charts/forex/eurusd/" data-internallinksmanager029f6b8e52c="35" title="EUR/USD">EUR</a> is currently in a consolidation phase before an anticipated decline. This overview also encompasses the dynamics of <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, <a href="https://roboforex.com/beginners/info/charts/metals/xauusd/" data-internallinksmanager029f6b8e52c="43" title="XAU/USD">Gold</a>, and the S&amp;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/EURUSDH1-1.png" alt="EUR/USD (Euro vs US Dollar)" class="wp-image-17307" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-1.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-1-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-1-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-1-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>EUR/USD (Euro vs US Dollar)</figcaption></figure><p>EUR/USD has concluded its downward wave, reaching the 1.0955 level, followed by a corrective link to the 1.1018 level. Today, there's a potential for another downward movement towards 1.0950. A broad consolidation range is taking shape around 1.0999. An upward breakout could prolong the correction towards the 1.1122 level. Conversely, a downward breakout might indicate the potential for a <a title="&lt;div class=&quot;wpg-tooltip-content&quot;&gt;&lt;p&gt;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.&lt;/p&gt;&lt;/div&gt;" href="https://blog.roboforex.com/glossary-terms/trend/">trend</a> continuation towards the 1.0888 level.</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/GBPUSDH1-1.png" alt="GBP/USD (Great Britain Pound vs US Dollar)" class="wp-image-17306" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-1.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-1-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-1-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-1-1536×672.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 decline structure, reaching the 1.2742 level. Currently, a consolidation range is forming above this level. An upward breakout could lead to growth towards the 1.2825 level. A downward breakout might prompt a decline towards 1.2660. Upon reaching this level, an upward movement towards 1.2825 is expected.</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/USDJPYH1-1.png" alt="USD/JPY (US Dollar vs Japanese Yen)" class="wp-image-17305" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-1.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-1-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-1-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-1-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>USD/JPY (US Dollar vs Japanese Yen)</figcaption></figure><p>USD/JPY has concluded an upward wave, reaching the 143.50 level. Today, the market is experiencing a consolidation phase below this level. In case of a downward breakout from this range, a correction towards the 142.06 level could initiate, with a prospect of continuing the correction towards the 140.66 level. Subsequently, another upward wave towards the 144.62 level might follow.</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/USDCHFH1-1.png" alt="USD/CHF (US Dollar vs Swiss Franc)" class="wp-image-17304" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-1.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-1-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-1-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-1-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>USD/CHF (US Dollar vs Swiss Franc)</figcaption></figure><p>USD/CHF continues to remain within a consolidation range around the 0.8722 level, lacking a strong trend. Today, a potential upward movement towards 0.8784 is possible, followed by a decline towards 0.8722 (a test from above). In case of a downward breakout, a corrective movement towards 0.8666 could be envisaged. An upward breakout could pave the way for growth towards 0.8888, serving as 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/AUDUSDH1-1.png" alt="AUD/USD (Australian Dollar vs US Dollar)" class="wp-image-17303" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-1.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-1-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-1-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-1-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>AUD/USD (Australian Dollar vs US Dollar)</figcaption></figure><p>AUD/USD is still engaged in a downward wave towards the 0.6572 level. Once this level is reached, there's a possibility of an upward movement towards 0.6624 (a test from below), followed by a trend-driven decline towards 0.6513.</p>

<h2>BRENT</h2>

<figure><img decoding="async" loading="lazy" width="1593" height="697" src="https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH4-1.png" alt="BRENT" class="wp-image-17302" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH4-1.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH4-1-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH4-1-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH4-1-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>BRENT</figcaption></figure><p>Brent is sustaining its upward wave towards the 87.22 level. Upon reaching this level, a correction towards 82.75 is anticipated, which could be succeeded by an advance towards 93.43, with the potential of further trend continuation towards 97.00.</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/XAUUSDH1-1.png" alt="XAU/USD (Gold vs US Dollar)" class="wp-image-17308" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-1.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-1-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-1-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-1-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>XAU/USD (Gold vs US Dollar)</figcaption></figure><p>Gold has completed a downward wave, reaching the 1941.23 level. The market is presently forming a consolidation range above this level. A breakout above might lead to an upward movement towards the 1962.33 level. Conversely, a downward breakout could trigger a decline towards 1923.12, with a potential for further trend continuation towards 1914.44.</p>

<h2>S&amp;P 500</h2>

<figure><img decoding="async" loading="lazy" width="1593" height="697" src="https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-1.png" alt="S&amp;P 500" class="wp-image-17301" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-1.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-1-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-1-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-1-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>S&amp;P 500</figcaption></figure><p>The stock index is currently in a consolidation phase around the 4578.6 level. Today, a decline towards the 4555.5 level is plausible. Subsequently, another upward movement towards 4578.6 (a test from below) might follow, succeeded by a decline towards 4521.8.</p>

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