Technical Analysis & Forecast for August 21, 2023
<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/TA_16-360×360.jpg" class="attachment-thumbnail size-thumbnail wp-post-image" alt="Technical Analysis & Forecast" decoding="async" loading="lazy" style="margin-bottom: 15px;" /></div><p>The Euro (<a href="https://roboforex.com/beginners/info/charts/forex/eurusd/" data-internallinksmanager029f6b8e52c="35" title="EUR/USD">EUR</a>) remains on a downward trajectory. This analysis also encompasses the British Pound (<a href="https://roboforex.com/beginners/info/charts/forex/gbpusd/" data-internallinksmanager029f6b8e52c="36" title="GBP/USD">GBP</a>), Japanese Yen (<a href="https://roboforex.com/beginners/info/charts/forex/usdjpy/" data-internallinksmanager029f6b8e52c="40" title="USD/JPY">JPY</a>), Swiss Franc (<a href="https://roboforex.com/beginners/info/charts/forex/usdchf/" data-internallinksmanager029f6b8e52c="39" title="USD/CHF">CHF</a>), Australian Dollar (<a href="https://roboforex.com/beginners/info/charts/forex/audusd/" data-internallinksmanager029f6b8e52c="33" title="AUD/USD">AUD</a>), Brent <a title="<div class="wpg-tooltip-content"><p>Crude Oil is a natural resource used as a raw material in the refining and petrochemical industries.</p></div>" href="https://blog.roboforex.com/glossary-terms/oil/">Crude Oil</a>, <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="703" src="https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-14.png" alt="EUR/USD (Euro vs US Dollar)" class="wp-image-17591" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-14.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-14-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-14-768×339.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-14-1536×678.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>EUR/USD (Euro vs US Dollar)</figcaption></figure><p>EUR/USD has recently concluded a bearish wave at 1.0844, followed by a correction to 1.0883. We anticipate the commencement of another downward structure today, targeting 1.0833. Following this, a corrective phase towards 1.0944 may occur, followed by another descent to 1.0810, constituting a local target.</p>
<h2>GBP/USD (Great Britain Pound vs US Dollar)</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="703" src="https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-14.png" alt="GBP/USD (Great Britain Pound vs US Dollar)" class="wp-image-17590" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-14.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-14-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-14-768×339.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-14-1536×678.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>GBP/USD (Great Britain Pound vs US Dollar)</figcaption></figure><p>GBP/USD is currently ensnared within a broad consolidation range around 1.2700, lacking a distinct <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>. The market did extend the range to 1.2688 at one juncture. In today's context, it has manifested a corrective phase towards 1.2755. An imminent descent to 1.2666 is anticipated, and if this level is breached, the trend could continue towards 1.2566.</p>
<h2>USD/JPY (US Dollar vs Japanese Yen)</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="703" src="https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-14.png" alt="USD/JPY (US Dollar vs Japanese Yen)" class="wp-image-17589" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-14.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-14-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-14-768×339.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-14-1536×678.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>USD/JPY (US Dollar vs Japanese Yen)</figcaption></figure><p>USD/JPY is shaping a consolidation range near 145.33. A rise to 145.71 is conceivable, with a subsequent drop to 144.88, followed by a resurgence towards 146.75.</p>
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<h2>USD/CHF (US Dollar vs Swiss Franc)</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="703" src="https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-14.png" alt="USD/CHF (US Dollar vs Swiss Franc)" class="wp-image-17588" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-14.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-14-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-14-768×339.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-14-1536×678.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>USD/CHF (US Dollar vs Swiss Franc)</figcaption></figure><p>USD/CHF is currently advancing in a bullish wave towards 0.8833, with the potential to continue to 0.8888, marking only the first segment of this upward motion.</p>
<h2>AUD/USD (Australian Dollar vs US Dollar)</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="703" src="https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-14.png" alt="AUD/USD (Australian Dollar vs US Dollar)" class="wp-image-17587" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-14.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-14-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-14-768×339.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-14-1536×678.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>AUD/USD (Australian Dollar vs US Dollar)</figcaption></figure><p>AUD/USD is amidst a descending wave to 0.6363. Should this level be breached, the potential for a further drop to 0.6300 could emerge, ultimately extending to 0.6277.</p>
<h2>BRENT</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="703" src="https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH1-1.png" alt="BRENT" class="wp-image-17586" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH1-1.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH1-1-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH1-1-768×339.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH1-1-1536×678.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>BRENT</figcaption></figure><p><a href="https://roboforex.com/forex-trading/assets/energies/" data-internallinksmanager029f6b8e52c="45" title="Crude Oil">Crude oil</a> prices are bolstered by a support level at 83.00 while persisting in an upward trajectory. A recent high was achieved at 85.25, and a narrow consolidation range might materialize beneath this level today. An exit from the range in an upward direction could propel the price to 86.64, subsequently continuing to 86.90, which constitutes the initial target.</p>
<h2>XAU/USD (Gold vs US Dollar)</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="703" src="https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-14.png" alt="XAU/USD (Gold vs US Dollar)" class="wp-image-17585" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-14.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-14-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-14-768×339.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-14-1536×678.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>XAU/USD (Gold vs US Dollar)</figcaption></figure><p>Gold has completed a bearish phase, reaching 1884.81, and a corrective rally to 1898.00 may ensue today, potentially including a test from below. After this correction concludes, the bearish <a title="<div class="wpg-tooltip-content"><p>Momentum is an indicator of the speed and direction of price change over a specific time frame.</p></div>" href="https://blog.roboforex.com/glossary-terms/momentum/">momentum</a> could persist, targeting 1868.50, with a longer-term goal of 1715.00, denoting a local target.</p>
<h2>S&P 500</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="703" src="https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-13.png" alt="S&P 500" class="wp-image-17584" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-13.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-13-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-13-768×339.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-13-1536×678.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>S&P 500</figcaption></figure><p>The stock index remains within a bearish wave to 4333.3. Subsequently, a correction to 4417.0 might initiate, possibly including a test from below, followed by a descent to 4300.0, constituting a local target.</p>
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