Forex Technical Analysis & Forecast 06.08.2019 (EURUSD, GBPUSD, USDCHF, USDJPY, AUDUSD, USDRUB, GOLD, BRENT)
EURUSD, “Euro vs US Dollar”
EURUSD has finished the correctional wave; right now, it is forming the first descending impulse with the target at 1.1180. After that, the instrument may grow towards 1.1210, thus forming a new consolidation range at the top. If later the price breaks this range to the downside at 1.1180, the instrument may continue trading inside the downtrend with the short-term target at 1.1130.
GBPUSD, “Great Britain Pound vs US Dollar”
GBPUSD is consolidating around 1.2139 without any particular direction. Today, the pair may form one more ascending structure towards 1.2191, at least and then start another decline to reach 1.2033. After that, the instrument may start a new correction with the target at 1.2222.
USDCHF, “US Dollar vs Swiss Franc”
USDCHF has completed the descending wave; right now, it is forming a new impulse to the upside with the target at 0.9772. After that, the instrument may start another decline to reach 0.9740, thus forming a new consolidating range. If the price breaks this range to the upside, the instrument may resume trading inside the uptrend with the first target at 0.9865.
USDJPY, “US Dollar vs Japanese Yen”
USDJPY is consolidating around 105.94; it has updated both highs and lows of this range. Possibly, today the pair may fall towards 105.10 to complete this descending wave. Later, the market may start a new correction to the upside with the first target at 107.07.
AUDUSD, “Australian Dollar vs US Dollar”
AUDUSD is consolidating near the lows. If later the price breaks this range to the downside, the instrument may continue trading inside the downtrend to reach the key target at 0.6740; if to the upside – start a new correction towards 0.6815.
USDRUB, “US Dollar vs Russian Ruble”
USDRUB has completed the first descending impulse at 64.83 along with the correction at 65.17. If later the price breaks this range to the downside, the instrument may resume trading downwards with the target at 64.14; if to the upside – extend this wave towards 65.65 and then form a new descending structure.
XAUUSD, “Gold vs US Dollar”
Gold has finished the first descending impulse at 1460.00 along with the correction at 1467.80, thus forming a new consolidation range. Possibly, today the pair may break the range downwards and fall with the short-term target at 1451.51. After that, the instrument may form one more ascending structure to return to 1460.00 and then continue trading downwards with the first target at 1444.44.
BRENT
Brent is still moving downwards; there was a gap to the downside and the price reached the short-term target at 59.25. Today, the pair may start another correction towards 61.22 and then form a new descending structure to reach 58.45 to finish the descending wave. Later, the market may consolidate near these lows and form a reversal pattern; the first upside target is at 63.15.
