Technical Analysis & Forecast August 25, 2023
<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/TA_20-360×360.jpg" class="attachment-thumbnail size-thumbnail wp-post-image" alt="Technical Analysis & Forecast" decoding="async" loading="lazy" style="margin-bottom: 15px;" /></div><p>The <a href="https://roboforex.com/beginners/info/charts/forex/eurusd/" data-internallinksmanager029f6b8e52c="35" title="EUR/USD">EUR</a> could potentially extend its downward trajectory. Additionally, this overview encompasses the movements 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&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/EURUSDH1-18.png" alt="EUR/USD (Euro vs US Dollar)" class="wp-image-17660" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-18.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-18-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-18-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-18-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>EUR/USD (Euro vs US Dollar)</figcaption></figure><p>EUR/USD has completed a corrective phase, reaching 1.0875, and is now entering a renewed descending wave. During the current trading session, the market has demonstrated a downward structure towards 1.0777. While a potential corrective move to 1.0810 is not out of the question (with possible testing from below), the subsequent phase could entail a decline to 1.0750, followed by a potential continuation towards 1.0700. This level serves as a nearby 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/GBPUSDH1-18.png" alt="GBP/USD (Great Britain Pound vs US Dollar)" class="wp-image-17654" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-18.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-18-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-18-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-18-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>GBP/USD (Great Britain Pound vs US Dollar)</figcaption></figure><p>GBP/USD experienced a correction to 1.2732, heralding the commencement of a new downward wave. In the current market activity, the pair has completed a <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> that suggests movement towards 1.2558. A potential upward correction to 1.2628 remains plausible (potentially tested from below). However, expectations point towards a decline to 1.2520, possibly extending further to 1.2450.</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/USDJPYH1-18.png" alt="USD/JPY (US Dollar vs Japanese Yen)" class="wp-image-17655" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-18.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-18-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-18-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-18-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>USD/JPY (US Dollar vs Japanese Yen)</figcaption></figure><p>USD/JPY's 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> continues, aiming for 146.25. As the price approaches this level, a downward correction to 145.45 is conceivable, followed by a resurgence towards 146.30, representing 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="707" src="https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-18.png" alt="USD/CHF (US Dollar vs Swiss Franc)" class="wp-image-17656" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-18.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-18-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-18-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-18-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>USD/CHF (US Dollar vs Swiss Franc)</figcaption></figure><p>USD/CHF's uptrend is persisting, with a target at 0.8888. Once this mark is attained, a downward correction to 0.8850 (potentially with a testing from above) is foreseeable, preceding an ascent towards 0.8935. This figure serves as a nearby 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/AUDUSDH1-18.png" alt="" class="wp-image-17661" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-18.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-18-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-18-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-18-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>AUD/USD (Australian Dollar vs US Dollar)</figcaption></figure><p>AUD/USD's corrective phase concluded at 0.6486, signifying the onset of a new descending wave. During the present trading session, the market pattern suggests a trajectory towards 0.6401. While the potential for an upward correction to 0.6415 exists (possibly with a test from below), a subsequent decline to 0.6383 is anticipated, with the potential to extend further to 0.6348.</p>
<h2>BRENT</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="707" src="https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH1-5.png" alt="BRENT" class="wp-image-17657" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH1-5.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH1-5-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH1-5-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH1-5-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>BRENT</figcaption></figure><p>The 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> market continues to experience a consolidation phase around 82.70. Today's analysis indicates the possibility of a climb towards 83.80. Subsequently, an upturn to 84.55 is plausible, with potential continuation towards 85.60, serving as 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/XAUUSDH1-18.png" alt="XAU/USD (Gold vs US Dollar)" class="wp-image-17658" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-18.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-18-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-18-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-18-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>XAU/USD (Gold vs US Dollar)</figcaption></figure><p>Gold's correction led it to 1923.23. In ongoing market activity, the trend is downward, with an expected dip to 1904.00. Subsequently, a corrective increase to 1913.00 is plausible. Anticipated further is a decline to 1893.80, potentially extending to 1885.00 as an 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/US500CashH1-17.png" alt="S&P 500" class="wp-image-17659" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-17.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-17-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-17-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-17-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>S&P 500</figcaption></figure><p>The S&P 500 stock index has completed a corrective phase, reaching 4475.3. In the current market scenario, the trend indicates a continued decline towards 4330.0. Once this level is achieved, an upward correction towards 4404.0 is conceivable (with potential testing from below). Thereafter, an anticipated decline to 4282.0 stands as a local target in this scenario.</p>
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