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Initiation of New Decline Wave in GBP. Comprehensive Insights on EUR, JPY, CHF, AUD, Brent, Gold, and the S&P 500 Index.

EUR/USD (Euro vs US Dollar)

EUR/USD has broken out of the consolidation range in an upward direction, subsequently completing a corrective phase at the 1.1063 level. Following this, a new decline wave towards the 1.0955 level has commenced. An upward move to 1.1000 (testing from below) might follow, followed by a descent to 1.0888.

GBP/USD (Great Britain Pound vs US Dollar)

GBP/USD found support at the 1.2708 level, completing a corrective phase towards 1.2817. Subsequently, a new decline wave to 1.2626 has started. An upward move to 1.2720 might develop, followed by a descent to 1.2586, which marks a local target.

USD/JPY (US Dollar vs Japanese Yen)

USD/JPY continues to progress in an upward wave towards the 145.10 level. After reaching this point, a corrective move towards 143.43 could initiate. Subsequently, a fresh upward wave towards 146.30 might unfold, constituting a local target.

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USD/CHF (US Dollar vs Swiss Franc)

USD/CHF has successfully concluded another corrective wave, reaching the 0.8690 level. Presently, the market is in the process of forming a new upward wave towards 0.8810. Following attainment of this level, a corrective phase towards 0.8750 could transpire, followed by an upward move towards 0.8870 as a local target.

AUD/USD (Australian Dollar vs US Dollar)

AUD/USD has completed another upward structure towards the 0.6614 level. Subsequently, the market has initiated a decline structure towards 0.6464. A corrective move towards 0.6525 might occur, followed by a decline to 0.6433 as the first target.

BRENT

Brent is still forming a consolidation range below the 87.51 level. A downward correction towards 82.75 is plausible, followed by an upward move towards 90.82, with the potential for trend continuation to 93.53 as a local target.

XAU/USD (Gold vs US Dollar)

Gold has concluded another corrective structure towards the 1929.90 level, then initiating a new decline wave. After reaching 1912.00, the price corrected to 1921.60. A decline towards 1910.70 has occurred today, with the expectation of forming a consolidation range above this level. An upward breakout could lead to a correction towards 1920.00, while a downward breakout opens the potential for a decline towards 1903.85 as a local target.

S&P 500

The stock index has successfully completed a corrective wave towards 4520.0. Subsequently, a new decline structure towards 4435.2 has emerged. Upon reaching this level, an upward move towards 4470.0 (testing from below) might form, followed by a decline to 4360.0 as the first target.

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The post Technical Analysis & Forecast for August 11, 2023 appeared first at R Blog - RoboForex.

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By: Igor Sayadov
Title: Technical Analysis & Forecast for August 11, 2023
Sourced From: blog.roboforex.com/blog/2023/08/11/technical-analysis-forecast-for-august-11-2023/
Published Date: Fri, 11 Aug 2023 08:14:41 +0000

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