Forex Technical Analysis & Forecast 04.06.2020
EURUSD, “Euro vs US Dollar”
After reaching the target of the third ascending wave at 1.1255, EURUSD is falling towards 1.1209. After that, the instrument may correct to reach 1.1233, thus forming a new consolidation range between these two levels. If later the price breaks the range to the downside, the market may continue trading downwards to reach 1.1105; if to the upside – choose an alternative scenario and extend up to 1.1266.
GBPUSD, “Great Britain Pound vs US Dollar”
After rebounding from 1.2611 to the downside and almost forming a Double Top pattern, GBPUSD is trading downwards to reach 1.2522. Possibly, the pair may reach this level and then correct towards 1.2570, thus forming a new consolidation range between these two levels. If later the price breaks the range to the downside, the market may fall to reach 1.2400; if to the upside – choose an alternative scenario and resume trading upwards with the target at 1.2650.
USDRUB, “US Dollar vs Russian Ruble”
USDRUB is still forming the descending wave towards 68.00. Later, the market may start a new correction to reach 70.00 and then resume trading inside the downtrend with the target at 67.00.
USDJPY, “US Dollar vs Japanese Yen”
After forming the consolidation range around 108.70, USDJPY has almost broken it to the upside. Possibly, the pair may grow to reach 109.41 and then start another correction to return to 108.70.
USDCHF, “US Dollar vs Swiss Franc”
USDCHF is still consolidating around 0.9616 without any particular direction. If later the price breaks the range to the downside at 0.9600, the market may fall to reach 0.9550; if to the upside at 0.9630 – resume trading upwards with the target at 0.9660.
AUDUSD, “Australian Dollar vs US Dollar”
After finishing the descending impulse at 0.6868, AUDUSD has completed the ascending structure towards 0.6940, thus forming a new consolidation range between these two levels. If later the price breaks the range to the downside, the market may correct to reach 0.6740; if to the upside – choose an alternative scenario and resume trading upwards with the target at 0.7010.
BRENT
After reaching 40.50 and completing the descending impulse at 38.80, Brent has finished the ascending structure towards 40.01, thus forming a new consolidation range at the top. If later the price breaks the range to the downside, the market may fall to reach 37.37; if to the upside – resume trading upwards with the target at 41.00.
XAUUSD, “Gold vs US Dollar”
After finishing the descending wave at 1694.04, Gold is moving upwards to reach 1720.80. Later, the market may return to 1694.00 and break it. After that, the instrument may continue trading downwards with the target at 1658.70.
BTCUSD, “Bitcoin vs US Dollar”
BTCUSD is correcting to reach 9700.00. Later, the market may fall to with the target at 9085.00 and then continue trading upwards to return to 9700.00.
S&P 500
The Index has completed the ascending wave at 3133.3. Today, the asset may correct to reach 3091.0 and then start another growth with the target at 3160.5.
