Forex Technical Analysis & Forecast 02.10.2020
EURUSD, “Euro vs US Dollar”
After finishing the descending wave at 1.1720, EURUSD is consolidating below this level. Possibly, the pair may continue falling towards 1.1684 and then form one more ascending structure to test 1.1720 from below. Later, the market may resume trading within the downtrend with the first target at 1.1670.
GBPUSD, “Great Britain Pound vs US Dollar”
After completing the descending wave at 1.2859, GBPUSD is consolidating below this level. Possibly, today the pair may fall to reach 1.2785 and then correct to test 1.2859 from below. After that, the instrument may start a new decline with the first target at 1.2717.
USDRUB, “US Dollar vs Russian Ruble”
After reaching the short-term downside target at 77.10, USDRUB is consolidating above this level. Possibly, the pair may correct to the upside to reach 78.26 and then form a new descending structure with the first target at 76.40.
USDJPY, “US Dollar vs Japanese Yen”
USDJPY is still consolidating above 105.40 without any particular direction. Today, the pair may break this level to the downside and continue the correction towards 105.00. Later, the market may form start another growth with the target at 106.00.
USDCHF, “US Dollar vs Swiss Franc”
USDCHF is trading to break 0.9203 to the upside. The main scenario implies that the price may form the third ascending structure to reach 0.9232. After that, the instrument may correct towards 0.9205 and then resume moving upwards with the first target at 0.9244.
AUDUSD, “Australian Dollar vs US Dollar”
AUDUSD is falling to break 0.7157 and expected to form the third descending structure towards 0.7122. After that, the instrument may correct to test 0.7150 from below and then resume trading downwards with the first target at 0.7107.
BRENT
After rebounding from 42.60 and expanding the consolidation range down to 40.26, Brent is expected to grow and return to 42.60. If later the price breaks this level to the upside, the market may continue moving upwards to reach 44.60. However, if the asset rebounds from it again, the instrument may form a new descending structure to continue the correction towards 39.40. after the correction is over, the pair may start another growth with the target at 45.00.
XAUUSD, “Gold vs US Dollar”
After breaking 1896.40 to the downside, Gold is expected to continue falling towards 1881.85. Later, the market may correct to return to 1896.40 and then resume trading downwards with the target at 1875.90.
BTCUSD, “Bitcoin vs US Dollar”
After falling and reaching 10500.00, BTCUSD is expected to correct towards 10670.00. After that, the instrument may form a new descending structure to break 10100.00 and then continue trading within the downtrend with the first target at 9600.00.
S&P 500
After finishing the correction in the form of a Flag pattern at 3398.0, the S&P index has broken this correctional channel to the downside. Possibly, the asset may fall to reach 3302.2. After that, the instrument may start a new correction towards 3300.0 and then resume falling with the short-term target at 3200.0.
