Technical Analysis & Forecast for August 10, 2023

<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/TA_10-360×360.jpg" class="attachment-thumbnail size-thumbnail wp-post-image" alt="Technical Analysis &amp; Forecast" decoding="async" loading="lazy" style="margin-bottom: 15px;" /></div><p>Potential Continuation of Decline in S&amp;P 500 Index. Comprehensive Insights on <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 <a href="https://roboforex.com/beginners/info/charts/metals/xauusd/" data-internallinksmanager029f6b8e52c="43" title="XAU/USD">Gold</a>.</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/EURUSDH1-7.png" alt="EUR/USD (Euro vs US Dollar)" class="wp-image-17470" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-7.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-7-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-7-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-7-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>EUR/USD (Euro vs US Dollar)</figcaption></figure><p>EUR/USD is currently in the process of forming a consolidation range centered around the 1.0978 level. An anticipated downside breakout from this range might lead to a decline wave towards the 1.0944 level. Should this level be breached, 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>-driven movement towards 1.0899 might unfold, with a continuation possibility to 1.0846.</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/GBPUSDH1-7.png" alt="GBP/USD (Great Britain Pound vs US Dollar)" class="wp-image-17469" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-7.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-7-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-7-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-7-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>GBP/USD (Great Britain Pound vs US Dollar)</figcaption></figure><p>GBP/USD is currently establishing a consolidation range around the 1.2730 level. An expected downside breakout from this range could usher in a continuing decline wave towards the 1.2678 level. Subsequently, a corrective phase towards 1.2730 (tested from below) might ensue, followed by a descent to 1.2595.</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/USDJPYH1-7.png" alt="USD/JPY (US Dollar vs Japanese Yen)" class="wp-image-17468" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-7.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-7-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-7-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-7-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>USD/JPY (US Dollar vs Japanese Yen)</figcaption></figure><p>USD/JPY is progressing in an upward wave towards the 144.03 level. Following the attainment of this level, a correction towards 142.90 could initiate. After the completion of this correction, a new upward wave towards 144.30 might follow, marking 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="697" src="https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-7.png" alt="USD/CHF (US Dollar vs Swiss Franc)" class="wp-image-17467" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-7.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-7-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-7-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-7-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>USD/CHF (US Dollar vs Swiss Franc)</figcaption></figure><p>USD/CHF has successfully concluded an upward wave, reaching 0.8781. Presently, the market is forming a consolidation range centered around the 0.8764 level. An anticipated upward breakout from this range might lead to a growth wave towards 0.8797. A further breakout above this level could open the door to growth towards 0.8855 as a local 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/AUDUSDH1-7.png" alt="AUD/USD (Australian Dollar vs US Dollar)" class="wp-image-17466" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-7.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-7-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-7-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-7-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>AUD/USD (Australian Dollar vs US Dollar)</figcaption></figure><p>AUD/USD has completed a decline wave towards the 0.6522 level. Today, a corrective phase towards 0.6548 is expected. Following the completion of this correction, a downward movement towards 0.6495 might follow, with the prospect of trend continuation to 0.6474 as the first target.</p>

<h2>BRENT</h2>

<figure><img decoding="async" loading="lazy" width="1593" height="697" src="https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH4-7.png" alt="BRENT" class="wp-image-17465" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH4-7.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH4-7-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH4-7-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH4-7-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>BRENT</figcaption></figure><p>Brent has successfully breached the 86.00 level upwards and is currently ascending towards 89.00. After reaching this level, a corrective phase towards 86.00 (tested from above) could develop, followed by an upward movement towards 90.80. The possibility of trend continuation to 93.85 is 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/XAUUSDH1-7.png" alt="XAU/USD (Gold vs US Dollar)" class="wp-image-17464" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-7.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-7-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-7-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-7-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>XAU/USD (Gold vs US Dollar)</figcaption></figure><p>Gold has concluded a decline wave towards the 1914.00 level. Presently, the market is forming a consolidation range above this level. An upward movement towards 1921.11 (testing from below) is plausible, followed by a decline to 1903.85, constituting a local target.</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/US500CashH1-7.png" alt="S&amp;P 500" class="wp-image-17463" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-7.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-7-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-7-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-7-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>S&amp;P 500</figcaption></figure><p>The stock index has concluded a decline wave towards 4462.0. Currently, the market is forming a consolidation range above this level. An expected downside breakout from this range might lead to a continuation of the decline wave towards 4451.0. Following this level, an upward movement towards 4477.0 (tested from below) might develop, followed by a descent to 4437.3, marking the first target.</p>

<p>
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