Technical Analysis & Forecast for August 14, 2023
<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/TA_12-360×360.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/metals/xauusd/" data-internallinksmanager029f6b8e52c="43" title="XAU/USD">Gold</a>'s Decline <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 Likely. Comprehensive 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>, 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="697" src="https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-9.png" alt="EUR/USD (Euro vs US Dollar)" class="wp-image-17506" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-9.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-9-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-9-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-9-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>EUR/USD (Euro vs US Dollar)</figcaption></figure><p>EUR/USD has established a consolidation range around 1.0980 and, upon breaking downward, is continuing its descending <a title="<div class="wpg-tooltip-content"><p>A pattern is a particular recurring situation on the price chart of a financial instrument, which helps the trader to predict further possible price movements based on historical data.</p></div>" href="https://blog.roboforex.com/glossary-terms/pattern/">pattern</a> towards 1.0914. Following the attainment of this level, the possibility of a corrective upswing to 1.0980 (with a test from underneath) remains. Subsequently, an anticipated dip to 1.0890 is in sight, with the potential for an extended trend to 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/GBPUSDH1-9.png" alt="GBP/USD (Great Britain Pound vs US Dollar)" class="wp-image-17505" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-9.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-9-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-9-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-9-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>GBP/USD (Great Britain Pound vs US Dollar)</figcaption></figure><p>GBP/USD has breached the 1.2688 mark downward, progressing in its downtrend towards 1.2634. Upon reaching this threshold, the potential for an upward correction to 1.2688 (tested from below) is present. Subsequent to this, an anticipated decline to 1.2582 is plausible, potentially paving the way for the trend's extension to 1.2500.</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/USDJPYH1-9.png" alt="USD/JPY (US Dollar vs Japanese Yen)" class="wp-image-17507" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-9.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-9-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-9-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-9-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>USD/JPY (US Dollar vs Japanese Yen)</figcaption></figure><p>USD/JPY has successfully concluded an upward wave, reaching 145.15. Presently, the market is constructing a consolidation phase beneath this level. A bearish breach could lead to a correction toward 144.40. Furthermore, a subsequent breach of this level could prolong the correction to 143.44. Conversely, an upward exit from the range might unlock potential for an ascent to 145.45, followed by a descent to 144.40.</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/USDCHFH1-9.png" alt="USD/CHF (US Dollar vs Swiss Franc)" class="wp-image-17504" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-9.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-9-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-9-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-9-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>USD/CHF (US Dollar vs Swiss Franc)</figcaption></figure><p>USD/CHF remains engaged in an upward wave aiming for 0.8810, constituting its initial target. Following this achievement, a potential downward correction to 0.8750 cannot be discounted. Upon completion of this correction, an impending upward wave towards 0.8870 is anticipated, denoting 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/AUDUSDH1-9.png" alt="AUD/USD (Australian Dollar vs US Dollar)" class="wp-image-17503" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-9.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-9-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-9-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-9-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>AUD/USD (Australian Dollar vs US Dollar)</figcaption></figure><p>AUD/USD has concluded a new downward pattern, reaching 0.6464. Subsequently, the market initiated a phase of consolidation upon attaining this level. An upward breakout from the range might usher in a corrective phase to 0.6520, succeeded by a decline to 0.6433. Conversely, a downward breakout could unveil potential for a descent to 0.6433, followed by a correction to 0.6520.</p>
<h2>BRENT</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="697" src="https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH4-9.png" alt="BRENT" class="wp-image-17502" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH4-9.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH4-9-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH4-9-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH4-9-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>BRENT</figcaption></figure><p>Brent oil prices have achieved the localized target within an ascending wave, reaching 87.71. It is conceivable that the current session might witness the formation of a consolidation phase under this benchmark. A bearish escape from the range could instigate a correction towards 82.75. Upon its culmination, a new ascending phase to 90.75 could take shape, potentially extending to 93.57.</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/XAUUSDH1-9.png" alt="S&P 500" class="wp-image-17501" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-9.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-9-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-9-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-9-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>S&P 500</figcaption></figure><p>Gold has finalized its downward sequence, arriving at 1910.06. Today's market activity is characterized by a narrow consolidation phase above this level. A bearish breakout from this range is projected, contributing to an elongation of the downward trend towards 1904.66. Post this development, an upward correction to 1912.12 is possible, followed by a decline to 1895.55</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/US500CashM5.png" alt="S&P 500" class="wp-image-17500" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashM5.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashM5-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashM5-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashM5-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>S&P 500</figcaption></figure><p>The stock index has successfully wrapped up a correctional phase at 4450.7, with the market embarking on a fresh ascending structure targeting 4483.5. Upon attaining this level, an impending downward wave towards 4440.0 is expected.</p>
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