Forex Technical Analysis & Forecast 02.11.2020
EURUSD, “Euro vs US Dollar”
EURUSD is falling towards 1.1625 and may later start a new correction to reach 1.1676. After that, the instrument may form one more descending structure to break 1.1625 and then continue trading downwards with the target at 1.1500.
GBPUSD, “Great Britain Pound vs US Dollar”
After completing the descending wave at 1.2896 along with the correction towards 1.2985, GBPUSD is falling to return to 1.2896 and break it to the downside. Later, the market may continue trading downwards to reach 1.2811 and then form one more ascending structure to re-test 1.2896 from below. After that, the instrument may resume moving within the downtrend with the target at 1.2777 or even reach 1.2500.
USDRUB, “US Dollar vs Russian Ruble”
USDRUB is still consolidating above 78.60. Possibly, the pair may reach 80.00 and then fall to break 78.60 to the downside. Later, the market may continue moving within the downtrend with the target at 76.50 or even reach 74.25.
USDJPY, “US Dollar vs Japanese Yen”
USDJPY is still consolidating around 104.50. Today, the pair may grow to reach 104.87 (at least) and form a new descending structure to break 104.00. After that, the instrument may continue trading within the downtrend with the target at 103.46 or even reach 102.50.
USDCHF, “US Dollar vs Swiss Franc”
USDCHF is trading to break 0.9170 to the upside. Possibly, today the pair may reach 0.9205 and then start another correction to test 0.9170 from above. Later, the market may resume trading within the uptrend with the target at 0.9300.
AUDUSD, “Australian Dollar vs US Dollar”
AUDUSD is falling to break 0.7009 and may later reach 0.6950. After that, the instrument may correct to return to 0.7009 and then resume trading within the downtrend with the target at 0.6890.
BRENT
After breaking 37.00 downwards, Brent is expected to reach 36.02 or even continue falling towards 35.10. Later, the market may grow to break 40.50 and then form one more ascending structure with the target at 44.60.
XAUUSD, “Gold vs US Dollar”
Gold is moving not far from the upside border of the range at 1882.90. Possibly, the asset may fall to break 1860.60 and then continue trading within the downtrend with the short-term target at 1834.76.
BTCUSD, “Bitcoin vs US Dollar”
After reaching 14000.00, BTCUSD is falling towards 13500.00. After that, the instrument may start another decline to reach 13700 and then form a new descending structure with the target at 13000.00.
S&P 500
The S&P index is still consolidating around 3270.0. Today, the asset may break this range to the downside and reach 3201.0. Later, the market may start a new correction to return to 3270.0 and then resume trading within the downtrend with the target at 3130.2.
