Technical Analysis & Forecast August 31, 2023
<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/TA_24-360×360.jpg" class="attachment-thumbnail size-thumbnail wp-post-image" alt="Technical Analysis & Forecast" decoding="async" style="margin-bottom: 15px;" loading="lazy" /></div><p><a href="https://roboforex.com/beginners/info/charts/metals/xauusd/" data-internallinksmanager029f6b8e52c="43" title="XAU/USD">Gold</a> May Extend Its Corrective Wave – Overview 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>, Brent, 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/EURUSDH1-22.png" alt="EUR/USD (Euro vs US Dollar)" class="wp-image-17731" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-22.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-22-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-22-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-22-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>EUR/USD (Euro vs US Dollar)</figcaption></figure><p>EUR/USD has undergone a correction to 1.0943. The market is currently forming a consolidation range beneath this level. If it breaks out of the range to the downside, it could initiate a correction to 1.0860.</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/GBPUSDH1-22.png" alt="GBP/USD (Great Britain Pound vs US Dollar)" class="wp-image-17732" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-22.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-22-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-22-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-22-1536×682.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 corrective wave to 1.2744. A consolidation range is currently forming beneath this level. If it breaks out of the range to the downside, it might trigger a descending structure to 1.2650.</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/USDJPYH1-22.png" alt="USD/JPY (US Dollar vs Japanese Yen)" class="wp-image-17733" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-22.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-22-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-22-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-22-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>USD/JPY (US Dollar vs Japanese Yen)</figcaption></figure><p>USD/JPY has established a consolidation range around 146.05. An upward breakout could lead to a growth link to 147.37. Conversely, a downward breakout might create the potential for a decline to 144.74.</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/USDCHFH1-22.png" alt="USD/CHF (US Dollar vs Swiss Franc)" class="wp-image-17734" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-22.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-22-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-22-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-22-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>USD/CHF (US Dollar vs Swiss Franc)</figcaption></figure><p>USD/CHF has completed a corrective wave to 0.8750. A growth link to 0.8815 could form today (with a test from below). Afterward, the correction might continue to 0.8757. Once the correction concludes, a new growth wave to 0.8900 may commence.</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/AUDUSDH1-22.png" alt="AUD/USD (Australian Dollar vs US Dollar)" class="wp-image-17735" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-22.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-22-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-22-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-22-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>AUD/USD (Australian Dollar vs US Dollar)</figcaption></figure><p>AUD/USD has finished a corrective link to 0.6520. Currently, the market is shaping a consolidation range beneath this level. If it breaks out of the range to the downside, it could set the stage for a declining wave to 0.6460, potentially extending to 0.6400.</p>
<h2>BRENT</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="707" src="https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH1-10.png" alt="BRENT" class="wp-image-17736" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH1-10.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH1-10-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH1-10-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH1-10-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>BRENT</figcaption></figure><p>Brent has formed a growth wave to 85.55. Presently, the market is creating a consolidation range beneath this level. A corrective link to 83.47 is possible, followed by a rise to 87.60. From there, 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 continue to 89.50.</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/XAUUSDH1-22.png" alt="XAU/USD (Gold vs US Dollar)" class="wp-image-17737" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-22.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-22-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-22-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-22-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>XAU/USD (Gold vs US Dollar)</figcaption></figure><p>Gold has completed a corrective wave to 1948.77. Currently, the market is forming a consolidation range beneath this level. An upward breakout could result in a growth link to 1954.94. Conversely, a downward breakout might initiate a declining wave to 1935.00, potentially extending to 1904.00.</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/US500CashH1-21.png" alt="S&P 500" class="wp-image-17738" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-21.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-21-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-21-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-21-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>S&P 500</figcaption></figure><p>The stock index has undergone a correction to 4520.0. Currently, a consolidation range may form beneath this level. An upward breakout could lead to a growth link to 4545.0. Conversely, a downward breakout might extend the trend to 4311.5.</p>
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