Technical Analysis & Forecast August 3, 2023
<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/TA_5-360×360.jpg" class="attachment-thumbnail size-thumbnail wp-post-image" alt="Technical Analysis & Forecast" decoding="async" loading="lazy" style="margin-bottom: 15px;" /></div><p>Brent's upward trajectory may persist. This overview also presents an analysis 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="697" src="https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-2.png" alt="EUR/USD (Euro vs US Dollar)" class="wp-image-17339" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-2.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-2-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-2-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-2-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>EUR/USD (Euro vs US Dollar)</figcaption></figure><p>EUR/USD has concluded a downward wave, reaching the 1.0920 level. Presently, the market is undergoing a consolidation phase above this level. An anticipated downward breakout could lead to a continuation of the wave towards the 1.0868 level, with a potential extension of the structure to the 1.0840 level. Subsequently, a correction to 1.0944 (a test from below) might follow, followed by a decline to 1.0738.</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/GBPUSDH1-2.png" alt="GBP/USD (Great Britain Pound vs US Dollar)" class="wp-image-17345" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-2.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-2-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-2-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-2-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>GBP/USD (Great Britain Pound vs US Dollar)</figcaption></figure><p>GBP/USD has completed a descending structure, reaching the 1.2680 level. At present, a consolidation range is shaping above this level. A forecasted decline to 1.2672, succeeded by a rise to 1.2737 (a test from below), and then a drop to 1.2600 is expected, with the prospect of <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> continuation to 1.2488.</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/USDJPYH1-2.png" alt="GBP/USD (Great Britain Pound vs US Dollar)" class="wp-image-17346" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-2.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-2-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-2-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-2-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>GBP/USD (Great Britain Pound vs US Dollar)</figcaption></figure><p>USD/JPY has wrapped up a corrective phase, reaching the 142.22 level. Currently, the market is furthering its upward wave towards the 144.44 level, with a potential extension to the 145.35 level. After reaching this level, a corrective phase to 142.22 is not improbable, followed by a rise towards 146.60.</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/USDCHFH1-2.png" alt="USD/CHF (US Dollar vs Swiss Franc)" class="wp-image-17340" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-2.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-2-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-2-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-2-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>USD/CHF (US Dollar vs Swiss Franc)</figcaption></figure><p>USD/CHF has completed an upward wave, reaching the 0.8803 level, followed by a correction to the 0.8757 level. A decline to 0.8720 might unfold as part of the correction. Once the correction concludes, the trend is anticipated to continue towards 0.8844, with a potential extension of the wave to 0.8888.</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/AUDUSDH1-2.png" alt="AUD/USD (Australian Dollar vs US Dollar)" class="wp-image-17341" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-2.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-2-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-2-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-2-1536×672.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 downward wave towards the 0.6488 level. Once this level is reached, a potential upward movement to 0.6622 (a test from below) could ensue, followed by a decline in line with the trend towards 0.6424.</p>
<h2>BRENT</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="697" src="https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH4-2.png" alt="BRENT" class="wp-image-17342" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH4-2.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH4-2-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH4-2-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH4-2-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>BRENT</figcaption></figure><p>Brent has successfully concluded an upward wave, reaching the 85.85 level. Today, the market has corrected to the 82.74 level. Another potential decline to 82.50 might occur, followed by a rise towards 87.40. An upward breakout of this level could lead to a trend continuation towards the 91.50 level. This serves as 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/XAUUSDH1-2.png" alt="XAU/USD (Gold vs US Dollar)" class="wp-image-17343" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-2.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-2-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-2-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-2-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>XAU/USD (Gold vs US Dollar)</figcaption></figure><p>Gold's downward wave is ongoing towards the 1923.12 level. Once this level is reached, a correction to 1945.00 (a test from below) might take place, followed by a decline to 1914.40.</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/US500CashH1-2.png" alt="S&P 500" class="wp-image-17344" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-2.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-2-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-2-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-2-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>S&P 500</figcaption></figure><p>The stock index has concluded a downward wave, reaching the 4518.8 level. Today, a consolidation range is projected to form around this level. A potential downward breakout might lead to a trend-driven movement towards the 4440.0 level. After reaching this level, a correction to 4518.0 (a test from below) could transpire, followed by a drop to 4427.5.</p>
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