Technical Analysis & Forecast for August 11, 2023
<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/TA_11-360×360.jpg" class="attachment-thumbnail size-thumbnail wp-post-image" alt="Technical Analysis & Forecast" decoding="async" loading="lazy" style="margin-bottom: 15px;" /></div><p>Initiation of New Decline Wave in <a href="https://roboforex.com/beginners/info/charts/forex/gbpusd/" data-internallinksmanager029f6b8e52c="36" title="GBP/USD">GBP</a>. 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/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/EURUSDH1-8.png" alt="EUR/USD (Euro vs US Dollar)" class="wp-image-17493" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-8.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-8-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-8-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-8-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>EUR/USD (Euro vs US Dollar)</figcaption></figure><p>EUR/USD has broken out of the consolidation range in an upward direction, subsequently completing a corrective phase at the 1.1063 level. Following this, a new decline wave towards the 1.0955 level has commenced. An upward move to 1.1000 (testing from below) might follow, followed by a descent to 1.0888.</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/GBPUSDH1-8.png" alt="GBP/USD (Great Britain Pound vs US Dollar)" class="wp-image-17492" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-8.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-8-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-8-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-8-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>GBP/USD (Great Britain Pound vs US Dollar)</figcaption></figure><p>GBP/USD found support at the 1.2708 level, completing a corrective phase towards 1.2817. Subsequently, a new decline wave to 1.2626 has started. An upward move to 1.2720 might develop, followed by a descent to 1.2586, which marks a local target.</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/USDJPYH1-8.png" alt="USD/JPY (US Dollar vs Japanese Yen)" class="wp-image-17491" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-8.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-8-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-8-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-8-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>USD/JPY (US Dollar vs Japanese Yen)</figcaption></figure><p>USD/JPY continues to progress in an upward wave towards the 145.10 level. After reaching this point, a corrective move towards 143.43 could initiate. Subsequently, a fresh upward wave towards 146.30 might unfold, constituting 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/USDCHFH1-8.png" alt="USD/CHF (US Dollar vs Swiss Franc)" class="wp-image-17490" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-8.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-8-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-8-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-8-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>USD/CHF (US Dollar vs Swiss Franc)</figcaption></figure><p>USD/CHF has successfully concluded another corrective wave, reaching the 0.8690 level. Presently, the market is in the process of forming a new upward wave towards 0.8810. Following attainment of this level, a corrective phase towards 0.8750 could transpire, followed by an upward move towards 0.8870 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/AUDUSDH1-8.png" alt="AUD/USD (Australian Dollar vs US Dollar)" class="wp-image-17489" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-8.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-8-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-8-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-8-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>AUD/USD (Australian Dollar vs US Dollar)</figcaption></figure><p>AUD/USD has completed another upward structure towards the 0.6614 level. Subsequently, the market has initiated a decline structure towards 0.6464. A corrective move towards 0.6525 might occur, followed by a decline to 0.6433 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/BRENTH4-8.png" alt="BRENT" class="wp-image-17494" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH4-8.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH4-8-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH4-8-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH4-8-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>BRENT</figcaption></figure><p>Brent is still forming a consolidation range below the 87.51 level. A downward correction towards 82.75 is plausible, followed by an upward move towards 90.82, 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 to 93.53 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/XAUUSDH1-8.png" alt="XAU/USD (Gold vs US Dollar)" class="wp-image-17488" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-8.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-8-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-8-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-8-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>XAU/USD (Gold vs US Dollar)</figcaption></figure><p>Gold has concluded another corrective structure towards the 1929.90 level, then initiating a new decline wave. After reaching 1912.00, the price corrected to 1921.60. A decline towards 1910.70 has occurred today, with the expectation of forming a consolidation range above this level. An upward breakout could lead to a correction towards 1920.00, while a downward breakout opens the potential for a decline towards 1903.85 as a local target.</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/US500CashH1-8.png" alt="S&P 500" class="wp-image-17487" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-8.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-8-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-8-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-8-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>S&P 500</figcaption></figure><p>The stock index has successfully completed a corrective wave towards 4520.0. Subsequently, a new decline structure towards 4435.2 has emerged. Upon reaching this level, an upward move towards 4470.0 (testing from below) might form, followed by a decline to 4360.0 as the first target.</p>
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