Technical Analysis & Forecast August 18, 2023
<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/TA_15-360×360.jpg" class="attachment-thumbnail size-thumbnail wp-post-image" alt="Technical Analysis & Forecast" decoding="async" loading="lazy" style="margin-bottom: 15px;" /></div><p>The downward trajectory of the S&P 500 index persists. Additionally, we'll delve into the dynamics 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/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 <a href="https://roboforex.com/beginners/info/charts/metals/xauusd/" data-internallinksmanager029f6b8e52c="43" title="XAU/USD">Gold</a> in this overview.</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/EURUSDH1-13.png" alt="EUR/USD (Euro vs US Dollar)" class="wp-image-17572" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-13.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-13-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-13-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/EURUSDH1-13-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>EUR/USD (Euro vs US Dollar)</figcaption></figure><p>EUR/USD underwent a decline, reaching 1.0855, followed by a correction to 1.0893. Today, the market initiates a fresh decline to 1.0833. Once this level is achieved, the potential for a correction to 1.0944 is not to be excluded, succeeded by a decline to 1.0750. This marks 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/GBPUSDH1-13.png" alt="GBP/USD (Great Britain Pound vs US Dollar)" class="wp-image-17573" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-13.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-13-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-13-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/GBPUSDH1-13-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>GBP/USD (Great Britain Pound vs US Dollar)</figcaption></figure><p>GBP/USD is in the process of shaping a broad consolidation range centered around 1.2700. At one juncture, the market expanded this range to 1.2786. A decline to 1.2700 is conceivable today. Should this range be breached to the downside, the opportunity for a decline to 1.2611 arises, paving the way for 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>'s continuation to 1.2533.</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/USDJPYH1-13.png" alt="USD/JPY (US Dollar vs Japanese Yen)" class="wp-image-17574" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-13.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-13-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-13-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDJPYH1-13-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>USD/JPY (US Dollar vs Japanese Yen)</figcaption></figure><p>USD/JPY continues its corrective phase towards 145.15. Subsequently, a new upswing to 146.76 is anticipated to commence, potentially propelling the trend forward to 147.05.</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/USDCHFH1-13.png" alt="USD/CHF (US Dollar vs Swiss Franc)" class="wp-image-17571" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-13.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-13-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-13-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/USDCHFH1-13-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>USD/CHF (US Dollar vs Swiss Franc)</figcaption></figure><p>USD/CHF is navigating a consolidation range near 0.8795, displaying limited discernible <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>. A decline to 0.8755 is plausible today, succeeded by an ascent to 0.8844. After achieving this level, a corrective phase to 0.8800 is not out of the question, paving the way for an upswing to 0.8888.</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/AUDUSDH1-13.png" alt="AUD/USD (Australian Dollar vs US Dollar)" class="wp-image-17570" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-13.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-13-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-13-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/AUDUSDH1-13-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>AUD/USD (Australian Dollar vs US Dollar)</figcaption></figure><p>AUD/USD concluded its corrective wave at 0.6444 (following a test from below). Today, the wave might sustain its decline to 0.6363. A downward breach of this level could trigger a potential descent to 0.6299, subsequently facilitating the trend's continuation to 0.6275.</p>
<h2>BRENT</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="697" src="https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH1.png" alt="BRENT" class="wp-image-17569" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH1.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH1-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH1-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/BRENTH1-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>BRENT</figcaption></figure><p>The trajectory of <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> quotes seems poised for another descent to 82.40. Post this downward wave, a fresh uptrend towards 85.05 could initiate, potentially progressing towards 87.77.</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/XAUUSDH1-13.png" alt="XAU/USD (Gold vs US Dollar)" class="wp-image-17568" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-13.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-13-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-13-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/XAUUSDH1-13-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>XAU/USD (Gold vs US Dollar)</figcaption></figure><p>Gold has marked the culmination of its descent at 1884.75. The prospect of a correction to 1895.00 looms today. Following the correction, the downward wave may resume, extending to 1868.50, potentially culminating at 1715.00. This corresponds to 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/US500CashH1-12.png" alt="S&P 500" class="wp-image-17567" srcset="https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-12.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-12-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-12-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/08/US500CashH1-12-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>S&P 500</figcaption></figure><p>The stock index persists in its downward wave towards 4333.3. Post reaching this level, a corrective phase to 4417.5 might commence (subject to a test from below), followed by a decline to 4300.0. This represents a local target.</p>
<p>
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