Technical Analysis & Forecast August 7, 2023
<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/TA_7-360×360.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/forex/eurusd/" data-internallinksmanager029f6b8e52c="35" title="EUR/USD">EUR</a> initiates a descending wave. This overview also outlines 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&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/EURUSDH1-4.png" alt="EUR/USD (Euro vs US Dollar)" class="wp-image-17386" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-4.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-4-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-4-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-4-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>EUR/USD (Euro vs US Dollar)</figcaption></figure><p>EUR/USD has concluded a correction at the 1.1040 level and is commencing a new downward wave. Today, a downward impulse to 1.1007 has been completed. A consolidation range has emerged around this level. A breakdown of this range could lead to a further decline towards the 1.0970 level, marking the initial target. Subsequently, upon reaching this level, an upward movement towards 1.1000 (a test from below) is anticipated, followed by a decline to 1.0940, with the potential for <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 towards 1.0880.</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/GBPUSDH1-4.png" alt="GBP/USD (Great Britain Pound vs US Dollar)" class="wp-image-17385" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-4.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-4-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-4-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-4-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>GBP/USD (Great Britain Pound vs US Dollar)</figcaption></figure><p>GBP/USD has undergone a correction to the 1.2790 level. The market has concluded a downward impulse to the 1.2748 level and formed a consolidation range around this level. In case of a downward breakout, the wave could extend towards 1.2704, constituting the primary target. After reaching this level, an upward movement towards 1.2748 (a test from below) is expected, followed by a decline to 1.2631, with the potential for trend continuation towards 1.2588.</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/USDJPYH1-4.png" alt="USD/JPY (US Dollar vs Japanese Yen)" class="wp-image-17384" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-4.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-4-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-4-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-4-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>USD/JPY (US Dollar vs Japanese Yen)</figcaption></figure><p>USD/JPY continues its corrective phase. The local target at the 141.50 level has been attained. A potential upward movement towards 142.60 (a test from below) might occur, followed by a decline to the 141.38 level. Upon reaching this level, a growth wave towards 144.70 could commence. Subsequently, upon achieving this level, a fresh corrective phase towards 142.60 might follow.</p>
<p><em>Want to trade with the best conditions? Open a Prime account and enjoy fast trade execution, low commissions, and spreads from 0 pips. Click on the banner to open an account!</em></p>
<a href="https://my.roboforex.com/en/register/prime/" target="_blank" rel="noopener"><img decoding="async" loading="lazy" src="https://blog.roboforex.com/wp-content/themes/robo-blog-2021/images/banners/internal/rf-en__prime__768x68.jpg" alt="Switch to Prime, Spread from 0, Leverage 1:300, Execution from 0.1 sec" width="100%" height="auto" /></a>
<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/USDCHFH1-4.png" alt="USD/CHF (US Dollar vs Swiss Franc)" class="wp-image-17383" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-4.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-4-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-4-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-4-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>USD/CHF (US Dollar vs Swiss Franc)</figcaption></figure><p>USD/CHF has concluded a corrective wave at the 0.8698 level (a test from above). Today, the market is experiencing a new upward impulse towards the 0.8787 level. After reaching this level, a decline to 0.8742 could ensue, followed by growth towards 0.8800, with the potential for trend continuation towards 0.8890.</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/AUDUSDH1-4.png" alt="AUD/USD (Australian Dollar vs US Dollar)" class="wp-image-17382" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-4.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-4-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-4-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-4-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>AUD/USD (Australian Dollar vs US Dollar)</figcaption></figure><p>AUD/USD has completed a corrective wave towards the 0.6608 level. Today, the market is continuing its downward wave towards 0.6511, with the potential for trend continuation towards 0.6495.</p>
<h2>BRENT</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="697" src="https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH4-4.png" alt="BRENT" class="wp-image-17381" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH4-4.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH4-4-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH4-4-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH4-4-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>BRENT</figcaption></figure><p>Brent is maintaining its upward wave towards the 87.50 level. Upon reaching this level, a corrective phase towards 82.66 might evolve, followed by a rise towards 91.50, with the potential for trend continuation towards 93.43.</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/XAUUSDH1-4.png" alt="XAU/USD (Gold vs US Dollar)" class="wp-image-17387" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-4.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-4-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-4-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-4-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>XAU/USD (Gold vs US Dollar)</figcaption></figure><p>Gold has wrapped up a corrective wave at the 1946.90 level. Today, the market is progressing with its downward wave towards 1925.15. A downward breakout of this level might pave the way for a trend-driven movement towards 1903.85.</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/US500CashH1-4.png" alt="S&P 500" class="wp-image-17380" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-4.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-4-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-4-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-4-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>S&P 500</figcaption></figure><p>The stock index has finalized a downward wave towards the 4475.50 level. Today, the market is undergoing a corrective phase. A potential test of the 4518.0 level from below might occur, followed by a decline towards 4437.0, constituting the initial target.</p>
<p>
<a href="https://my.roboforex.com/en/register/">Open Trading Account</a></p><p>The post <a rel="nofollow" href="https://blog.roboforex.com/blog/2023/08/07/technical-analysis-forecast-august-7-2023/">Technical Analysis & Forecast August 7, 2023</a> appeared first at <a rel="nofollow" href="https://blog.roboforex.com">R Blog – RoboForex</a>.</p>
Leave a Comment