Technical Analysis & Forecast for August 24, 2023
<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/TA_19-360×360.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/usdjpy/" data-internallinksmanager029f6b8e52c="40" title="USD/JPY">JPY</a> Initiates an Uptrend. Also in Focus: <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/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="703" src="https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-17.png" alt="EUR/USD (Euro vs US Dollar)" class="wp-image-17649" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-17.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-17-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-17-768×339.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-17-1536×678.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>EUR/USD (Euro vs US Dollar)</figcaption></figure><p>EUR/USD completed a downtrend wave at 1.0818. Today, the market is correcting this decline with a potential upward movement to 1.0885, followed by a drop to 1.0795. The <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> might extend to 1.0750, which is 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/GBPUSDH1-17.png" alt="GBP/USD (Great Britain Pound vs US Dollar)" class="wp-image-17650" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-17.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-17-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-17-768×339.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-17-1536×678.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>GBP/USD (Great Britain Pound vs US Dollar)</figcaption></figure><p>GBP/USD wrapped up a bearish impulse at 1.2614. We anticipate a correction to 1.2750 today. Once this correction is done, a new bearish wave to 1.2550 might develop, potentially leading to a continuation down to 1.2480.</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/USDJPYH1-17.png" alt="USD/JPY (US Dollar vs Japanese Yen)" class="wp-image-17648" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-17.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-17-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-17-768×339.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-17-1536×678.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>USD/JPY (US Dollar vs Japanese Yen)</figcaption></figure><p>USD/JPY completed a correction wave at 144.55. Today, the market has initiated a new uptrend with an initial target at 145.55. Following this, a decline to 145.05 is possible, followed by a rise to 146.30. From there, the trend could persist to 146.77.</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/USDCHFH1-17.png" alt="USD/CHF (US Dollar vs Swiss Franc)" class="wp-image-17647" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-17.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-17-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-17-768×339.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-17-1536×678.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>USD/CHF (US Dollar vs Swiss Franc)</figcaption></figure><p>USD/CHF is currently undergoing a correction to 0.8740. After this correction wraps up, a fresh uptrend to 0.8822 may commence, potentially breaking out to 0.8888.</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/AUDUSDH1-17.png" alt="AUD/USD (Australian Dollar vs US Dollar)" class="wp-image-17646" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-17.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-17-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-17-768×339.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-17-1536×678.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>AUD/USD (Australian Dollar vs US Dollar)</figcaption></figure><p>AUD/USD completed a correction wave at 0.6486. Today, the market is establishing a consolidation range beneath this level. If it breaks out below the range, the price could initiate a bearish wave to 0.6418. A further breakout might extend the trend down to 0.6352, which is a local target.</p>
<h2>BRENT</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="703" src="https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH1-4.png" alt="BRENT" class="wp-image-17645" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH1-4.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH1-4-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH1-4-768×339.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH1-4-1536×678.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>BRENT</figcaption></figure><p>Brent completed a correction wave at 81.70. Today, the market is forming the first wave of an uptrend, targeting 83.73. After reaching this level, a drop to 82.70 is possible, followed by a rise to 86.77. From there, the trend could continue to 88.30.</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/XAUUSDH1-17.png" alt="XAU/USD (Gold vs US Dollar)" class="wp-image-17644" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-17.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-17-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-17-768×339.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-17-1536×678.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>XAU/USD (Gold vs US Dollar)</figcaption></figure><p>Gold has established a consolidation range around 1905.00. A breakout upward may provoke a correction to 1923.00. Subsequently, a drop to 1905.00 (with a test from above) and a rise to 1925.00 might occur. After completing this correction, the trend could continue down to 1868.50, which is 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/US500CashH1-16.png" alt="S&P 500" class="wp-image-17643" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-16.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-16-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-16-768×339.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-16-1536×678.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>S&P 500</figcaption></figure><p>The stock index concluded a correction wave at 4434.0, forming a consolidation range around this level. If it breaks out upward, the price may continue the correction to 4479.0. Following that, a drop to 4434.0 (with a test from above) and a rise to 4484.0 could ensue. After completing this correction, a new downward wave to 4333.0 might initiate.</p>
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