Forex Technical Analysis & Forecast 05.01.2021
EURUSD, “Euro vs US Dollar”
After finishing the ascending wave at 1.2309 along with the correction towards 1.2240, EURUSD is expected to reach 1.2326 and then fall towards 1.2240, thus forming a new consolidation range between the two latter levels. If later the price breaks this range to the upside, the market may form one more ascending structure towards 1.2370; if to the downside – continue the correction with the target at 1.2210.
GBPUSD, “Great Britain Pound vs US Dollar”
After reaching the short-term upside target at 1.3791 and then completing the correction towards 1.3547, GBPUSD is consolidating near the lows. Possibly, the pair may grow to reach 1.3636 and then move downwards with the target at 1.3580. If later the price breaks this range to the upside, the market may form one more ascending structure with the target at 1.3722; if to the downside – continue the correction to reach 1.3455.
USDRUB, “US Dollar vs Russian Ruble”
USDRUB has completed another descending wave at 73.05 along with the correction to test 73.71 from below. Today, the pair may form a new descending structure with the target at 72.50.
USDJPY, “US Dollar vs Japanese Yen”
After completing the descending wave at 102.70 along with the correction towards 103.23, USDJPY is falling to reach 102.60. After that, the instrument may correct to return to 103.30 and then resume trading downwards with the key target at 102.50.
USDCHF, “US Dollar vs Swiss Franc”
USDCHF continues trading downwards to reach 0.8777. Later, the market may correct towards 0.8813 and then resume trading downwards with the target at 0.8750.
AUDUSD, “Australian Dollar vs US Dollar”
After finishing the descending wave at 0.7644 and then completing the correction towards 0.7704, AUDUSD is expected to form another correctional structure to reach 0.7637. After that, the instrument may start a new growth with the target at 0.7781.
BRENT
After completing the descending impulse at 51.02, Brent is consolidating around this level. If later the price breaks this range to the upside, the market may form one more ascending structure with the target at 52.15 and then fall to reach 51.40. If this range is also broken to the upside, the instrument may resume growing towards 53.50; if to the downside – continue the correction to reach 49.50.
XAUUSD, “Gold vs US Dollar”
Gold is consolidating above 1931.33. Possibly, the metal may expand the range up to 1948.70 and then form a new descending structure with the target at 1908.55.
BTCUSD, “Bitcoin vs US Dollar”
After completing the correctional wave at 28000.00, BTCUSD is forming another ascending structure to reach 33300.00 and may later fall towards 30600, thus forming a new consolidation range between the two latter levels. If later the price breaks this range to the upside, the market may form one more ascending structure to expand the range up to 35555.00; if to the downside – continue the correction to with the target at 26000.00.
S&P 500
After finishing the ascending wave at 3766.2 along with the correction towards 3671.2, the S&P index is growing towards 3723.8, thus forming a new consolidation range between the two latter levels. If later the price breaks this range to the upside, the market may start another growth to reach 3800.6; if to the downside – continue the correction to with the short-term target at 3615.4.
