Forex Technical Analysis & Forecast 06.08.2020
EURUSD, “Euro vs US Dollar”
After reaching 1.1805 and then breaking it to the upside, EURUSD has reached 1.1904. Possibly, the pair may correct towards 1.1805 and then form one more ascending structure with the target at 1.1916. In fact, the market continues forming a wide consolidation range around 1.1805.
GBPUSD, “Great Britain Pound vs US Dollar”
After rebounding from 1.3071 and then completing another ascending structure at 1.3160, GBPUSD is expected to fall towards 1.3071 and then move upwards with the target at 1.3175. In fact, the instrument continues forming a wide consolidation range around 1.3071.
USDRUB, “US Dollar vs Russian Ruble”
USDRUB is moving to break 72.80 to the downside. Possibly, the pair may form a new descending structure with the short-term target at 71.71 and then start another correction to return to 72.80. After that, the instrument may resume trading downwards with the first target at 70.90.
USDJPY, “US Dollar vs Japanese Yen”
USDJPY is correcting. Today, the pair may fall to reach at least 105.25 and then start another growth to break 105.85. After that, the instrument may continue trading upwards with the target at 106.50.
USDCHF, “US Dollar vs Swiss Franc”
After finishing the descending structure at 0.9050, USDCHF is moving upwards to break 0.9080 and may later reach 0.9166. After that, the instrument may start a new decline towards 0.9100. In fact, the market continues forming a wide consolidation range around 0.9166.
AUDUSD, “Australian Dollar vs US Dollar”
After completing another ascending structure at 0.7233, AUDUSD is expected to fall towards 0.7149. Later, the market may start another growth to reach 0.7195. In fact, the instrument continues forming a wide consolidation range around 0.7149.
BRENT
After reaching 46.40 and then finishing the correction at 45.25, Brent is still trading upwards. Possibly, today the pair may grow to reach 46.46 and then form a new descending structure towards 45.40. Later, the market may resume trading upwards with the target at 47.44.
XAUUSD, “Gold vs US Dollar”
After finishing the ascending wave at 2052.50, Gold is consolidating around 2040.40. Possibly, the pair may correct downwards to reach 1000.02 and then form one more ascending structure with the target at 2060.50.
BTCUSD, “Bitcoin vs US Dollar”
BTCUSD is still growing; it has broken 11500.00 and may continue moving upwards to reach 11900.00. After that, the instrument may form a new descending structure towards 11200.00. In fact, the market continues forming a wide consolidation range around 11200.00.
S&P 500
After breaking 3316.1 and forming a new consolidation range above this level, the S&P index is trading upwards with the target at 3345.1. Later, the market may start a new correction towards 3284.0.
