Technical Analysis & Forecast for August 30, 2023
<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/TA_23-360×360.jpg" class="attachment-thumbnail size-thumbnail wp-post-image" alt="Technical Analysis & Forecast" decoding="async" style="margin-bottom: 15px;" loading="lazy" /></div><p><a href="https://roboforex.com/beginners/info/charts/forex/usdchf/" data-internallinksmanager029f6b8e52c="39" title="USD/CHF">CHF</a> Poised for a Potential Uptrend. Also, 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/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="707" src="https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-21.png" alt="EUR/USD (Euro vs US Dollar)" class="wp-image-17710" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-21.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-21-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-21-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-21-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>EUR/USD (Euro vs US Dollar)</figcaption></figure><p>EUR/USD found support at 1.0783 and initiated an upward move to 1.0836. The market then formed a consolidation range around this level. Breaking out of this range to the upside, it continued the correction to 1.8900. Today, a downward move to 1.0840 (with a test from above) is expected. Subsequently, another corrective phase to 1.0907 might occur. At this point, the corrective potential will likely be exhausted, leading to a new downward wave targeting 1.0780 and possibly extending to 1.0700.</p>
<h2>GBP/USD (Great Britain Pound vs US Dollar)</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="707" src="https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-21.png" alt="GBP/USD (Great Britain Pound vs US Dollar)" class="wp-image-17709" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-21.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-21-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-21-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-21-1536×682.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 1.2564 and advanced to 1.2607. The market then established a consolidation range around this level. Breaking out of the range to the upside, it continued the correction to 1.2651. Today, a decline to 1.2607 (with a test from above) is anticipated. The correction could then extend to 1.2663. Following this correction, a new downward wave targeting 1.2560 might commence, potentially extending to 1.2484.</p>
<h2>USD/JPY (US Dollar vs Japanese Yen)</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="707" src="https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-21.png" alt="USD/JPY (US Dollar vs Japanese Yen)" class="wp-image-17708" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-21.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-21-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-21-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-21-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>USD/JPY (US Dollar vs Japanese Yen)</figcaption></figure><p>USD/JPY saw an upward wave to 147.35, followed by a downward wave to 145.68. Another upward move to 147.35 might occur today. A breakout above this level could open the door to a rise to 148.18.</p>
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<h2>USD/CHF (US Dollar vs Swiss Franc)</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="707" src="https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-21.png" alt="USD/CHF (US Dollar vs Swiss Franc)" class="wp-image-17707" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-21.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-21-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-21-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-21-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>USD/CHF (US Dollar vs Swiss Franc)</figcaption></figure><p>USD/CHF completed a correction to 0.8774. Today, an upward move to 0.8815 might follow (with a test from below). Subsequently, the correction might continue to 0.8757, after which a new upward wave targeting 0.8900 could start.</p>
<h2>AUD/USD (Australian Dollar vs US Dollar)</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="707" src="https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-21.png" alt="AUD/USD (Australian Dollar vs US Dollar)" class="wp-image-17711" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-21.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-21-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-21-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-21-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>AUD/USD (Australian Dollar vs US Dollar)</figcaption></figure><p>AUD/USD experienced a correction to 0.6484. A decline to 0.6444 is possible today (with a test from above). The correction could then continue to 0.6500 before the quotes potentially descend along 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> to 0.6316.</p>
<h2>BRENT</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="707" src="https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH1-9.png" alt="BRENT" class="wp-image-17706" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH1-9.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH1-9-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH1-9-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH1-9-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>BRENT</figcaption></figure><p>Brent broke above the 84.50 level and is continuing its upward wave to 85.73. After reaching this mark, a decline to 84.50 is possible (with a test from above), followed by a rise to 86.82. This represents a local target.</p>
<h2>XAU/USD (Gold vs US Dollar)</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="707" src="https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-21.png" alt="XAU/USD (Gold vs US Dollar)" class="wp-image-17705" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-21.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-21-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-21-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-21-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>XAU/USD (Gold vs US Dollar)</figcaption></figure><p>Gold extended its corrective wave to 1937.97. A decline to 1919.30 might occur today (with a test from above). The correction could then continue to 1953.60, with the trend potentially extending to 1904.14. This is a local target.</p>
<h2>S&P 500</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="707" src="https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-20.png" alt="S&P 500" class="wp-image-17704" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-20.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-20-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-20-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-20-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>S&P 500</figcaption></figure><p>The stock index continued its correction to 4500.0. Today, it might drop to 4428.6 (with a test from above). Subsequently, a corrective phase to 4527.5 is possible, followed by a trend-based decline to 4311.0.</p>
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