Technical Analysis & Forecast for August 9, 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/forex/gbpusd/" data-internallinksmanager029f6b8e52c="36" title="GBP/USD">GBP</a> Undergoing Correction Prior to New Decline. In-Depth 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/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, <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="697" src="https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-6.png" alt="EUR/USD (Euro vs US Dollar)" class="wp-image-17432" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-6.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-6-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-6-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-6-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>EUR/USD (Euro vs US Dollar)</figcaption></figure><p>EUR/USD has concluded a downtrend wave, reaching the 1.0928 level. Presently, the market is in a correction phase around the 1.0973 level (being tested from below), forming a broad consolidation range centered at 1.0970. An anticipated downside breakout from this range could initiate the progression of a third decline wave, with an estimated target at 1.0815.</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/GBPUSDH1-6.png" alt="GBP/USD (Great Britain Pound vs US Dollar)" class="wp-image-17433" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-6.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-6-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-6-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-6-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>GBP/USD (Great Britain Pound vs US Dollar)</figcaption></figure><p>Following a decline wave to 1.2689, GBP/USD is now correcting around 1.2755. Upon completing this correction, another downward movement to 1.2620 might ensue, with potential continuation of 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 1.2585 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/USDJPYH1-6.png" alt="USD/JPY (US Dollar vs Japanese Yen)" class="wp-image-17434" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-6.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-6-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-6-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-6-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>USD/JPY (US Dollar vs Japanese Yen)</figcaption></figure><p>USD/JPY is currently consolidating above the 142.94 level. An upward breakout towards 144.20 is anticipated, with the possibility of trend continuation to 144.70. Following attainment of this level, a correction to 141.55 could initiate.</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/USDCHFH1-6.png" alt="USD/CHF (US Dollar vs Swiss Franc)" class="wp-image-17435" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-6.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-6-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-6-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-6-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>USD/CHF (US Dollar vs Swiss Franc)</figcaption></figure><p>USD/CHF has concluded an upward wave at the 0.8781 level. Presently, a corrective <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> is forming towards 0.8740. Once this correction phase wraps up, another upward wave towards 0.8855 could develop, with potential continuation of the trend to 0.8895 as 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/AUDUSDH1-6.png" alt="AUD/USD (Australian Dollar vs US Dollar)" class="wp-image-17436" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-6.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-6-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-6-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-6-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>AUD/USD (Australian Dollar vs US Dollar)</figcaption></figure><p>Having completed a decline wave to 0.6495, AUD/USD is now entering a corrective phase towards 0.6562. After this correction is finalized, a new downward wave to 0.6440 might initiate, constituting 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/BRENTH4-6.png" alt="BRENT" class="wp-image-17437" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH4-6.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH4-6-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH4-6-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH4-6-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>BRENT</figcaption></figure><p>Brent has successfully concluded an upward wave, reaching 86.46, followed by a correction to 83.15. An upward movement towards 87.66 is anticipated for today, with potential continuation of the trend to 91.50 as a local target.</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/XAUUSDH1-6.png" alt="XAU/USD (Gold vs US Dollar)" class="wp-image-17438" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-6.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-6-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-6-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-6-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>XAU/USD (Gold vs US Dollar)</figcaption></figure><p>Gold has concluded a decline wave at the 1922.65 level. Presently, the market is forming a consolidation range above this level. An upward movement towards 1932.63 (testing from below) is likely, followed by a decline to 1914.00, with potential continuation of the trend to 1903.85.</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/US500CashH1-6.png" alt="S&P 500" class="wp-image-17439" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-6.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-6-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-6-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-6-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>S&P 500</figcaption></figure><p>The stock index has concluded a decline wave, reaching 4465.5. Currently, a corrective phase towards 4515.5 is underway. Once this correction is complete, another downward wave to 4447.7 might develop, with potential continuation of the trend to 4437.0 as the initial target.</p>
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