Technical Analysis & Forecast for August 8, 2023
<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/TA_8-360×360.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 Downtrend Persists. Insights also Cover <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/EURUSDH1-5.png" alt="EUR/USD (Euro vs US Dollar)" class="wp-image-17411" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-5.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-5-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-5-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-5-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>EUR/USD (Euro vs US Dollar)</figcaption></figure><p>EUR/USD has concluded a correction phase at the 1.1011 level and initiated another downward wave. Presently, a decline impulse has reached 1.0975, leading to the formation of a consolidation range around this mark. A breakout below this level would pave the way for further decline towards the 1.0940 level. Subsequently, a breach of this level might extend 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 1.0838, marking a local target.</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/GBPUSDH1-5.png" alt="GBP/USD (Great Britain Pound vs US Dollar)" class="wp-image-17410" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-5.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-5-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-5-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-5-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>GBP/USD (Great Britain Pound vs US Dollar)</figcaption></figure><p>Following a correction to the 1.2787 level, GBP/USD is currently continuing its descent towards 1.2690. If this level is breached, it could trigger a decline to the 1.2594 level, serving as 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/USDJPYH1-5.png" alt="USD/JPY (US Dollar vs Japanese Yen)" class="wp-image-17409" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-5.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-5-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-5-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-5-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>USD/JPY (US Dollar vs Japanese Yen)</figcaption></figure><p>USD/JPY is still progressing in an upward wave towards the 144.38 level. A possible decline could occur to the 143.10 level, followed by growth to 144.69, constituting the initial target.</p>
<p><em>Don't miss the chance to get some of the best trading conditions in the market with a Prime account from RoboForex. Low commissions, spreads from 0 pips. Click on the banner to open an account!</em></p>
<a href="https://my.roboforex.com/en/register/prime/" target="_blank" rel="noopener"><img decoding="async" loading="lazy" src="https://blog.roboforex.com/wp-content/themes/robo-blog-2021/images/banners/internal/rf-en__prime__768x68.jpg" alt="Switch to Prime, Spread from 0, Leverage 1:300, Execution from 0.1 sec" width="100%" height="auto" /></a>
<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/USDCHFH1-5.png" alt="USD/CHF (US Dollar vs Swiss Franc)" class="wp-image-17408" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-5.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-5-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-5-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-5-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>USD/CHF (US Dollar vs Swiss Franc)</figcaption></figure><p>Having corrected to the 0.8732 level from above, USD/CHF is now forging a new upward impulse towards the 0.8793 level. A successful breakout above this level may facilitate movement to 0.8865, with a potential continuation of the trend towards 0.8892 as the first 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/AUDUSDH1-5.png" alt="AUD/USD (Australian Dollar vs US Dollar)" class="wp-image-17407" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-5.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-5-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-5-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-5-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>AUD/USD (Australian Dollar vs US Dollar)</figcaption></figure><p>AUD/USD's downtrend remains in motion. After breaching the 0.6555 level, a decline towards 0.6511 is underway. Once this level is reached, a potential rally to 0.6555 (tested from below) might ensue, followed by another dip to 0.6495 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/BRENTH4-5.png" alt="BRENT" class="wp-image-17406" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH4-5.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH4-5-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH4-5-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH4-5-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>BRENT</figcaption></figure><p>Brent continues to consolidate below the 86.47 level. An upswing towards 87.50 is expected, after which a correction to 82.72 might transpire. This could then lead to growth towards 91.50, with the possibility of the trend continuing to 93.43.</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/XAUUSDH1-5.png" alt="XAU/USD (Gold vs US Dollar)" class="wp-image-17405" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-5.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-5-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-5-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-5-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>XAU/USD (Gold vs US Dollar)</figcaption></figure><p>Gold is consolidating around the 1935.85 level. A downside breakout is anticipated, extending the wave to 1925.15. Should this level be breached, the potential exists for further trend-driven movement towards 1903.85, 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/US500CashH1-5.png" alt="S&P 500" class="wp-image-17404" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-5.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-5-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-5-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-5-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>S&P 500</figcaption></figure><p>The stock index has completed a corrective wave towards the 4519.0 level. Currently, it's undergoing another downward wave towards 4490.0. If this level is surpassed, a movement towards 4459.0 is likely, with a potential continuation of the trend to 4437.0 as the initial target.</p>
<p>
<a href="https://my.roboforex.com/en/register/">Open Trading Account</a></p><p>The post <a rel="nofollow" href="https://blog.roboforex.com/blog/2023/08/08/technical-analysis-forecast-for-august-8-2023/">Technical Analysis & Forecast for August 8, 2023</a> appeared first at <a rel="nofollow" href="https://blog.roboforex.com">R Blog – RoboForex</a>.</p>
Leave a Comment