Forex Technical Analysis & Forecast 06.10.2020
EURUSD, “Euro vs US Dollar”
After finishing the ascending structure at 1.1744 and then forming a new consolidation range around this level, EURUSD has broken it to the upside to reach 1.1797. Possibly, today the pair may return to 1.1744 and then grow to reach 1.1770, thus forming another consolidation range between these two levels. If later the price breaks this range to the downside, the market may start a new decline with the target at 1.1680; if to the upside – form one more ascending structure towards 1.1800 and then resume trading downwards to reach the above-mentioned target.
GBPUSD, “Great Britain Pound vs US Dollar”
After breaking 1.2960, GBPUSD is expected to choose an alternative scenario and extend this ascending wave up to 1.3022. After that, the instrument may form a new descending structure to break 1.2800 and then continue falling with the target at 1.2700.
USDRUB, “US Dollar vs Russian Ruble”
USDRUB is consolidating below 78.88. Today, the pair may continue consolidating and fall towards 77.77. According to the main scenario, the price is expected to this range to the downside and form a new descending wave with the first target at 76.40.
USDJPY, “US Dollar vs Japanese Yen”
After breaking 105.50, USDJPY is expected to continue growing towards 106.00. After that, the instrument may form a new descending structure to reach 105.00 and then return to 105.50 to test it from below. Later, the market may start another decline to break 104.40 and then continue trading downwards with the target at 103.25.
USDCHF, “US Dollar vs Swiss Franc”
USDCHF is still moving downwards. The main scenario implies that the price may reach 0.9133 and then start another growth to break 0.9180. If it happens, the market may continue growing with the target at 0.9220 and then form a new descending structure to return to 0.9180.
AUDUSD, “Australian Dollar vs US Dollar”
After rebounding from 0.7166 and completing another ascending structure at 0.7200, AUDUSD has almost formed a Double Top pattern. Today, the pair may fall to break 0.7166 and then continue trading downwards with the target at 0.7116.
BRENT
After finishing the ascending impulse at 41.55, Brent is expected to consolidate around this level. If later the price breaks this range to the downside, the market may correct towards 40.00; if to the upside – resume trading upwards to reach 44.22 and then correct to return to 41.55. After that, the instrument may resume moving upwards with the target at 45.00.
XAUUSD, “Gold vs US Dollar”
After completing the ascending wave at 1905.00 and breaking it to the upside, Gold has reached 1916.00. Possibly, today the pair may return to 1905.00 and then form one more ascending structure towards 1919.50. Later, the market may start a new decline to break 1905.00 and then continue the correction with the target at 1882.70.
BTCUSD, “Bitcoin vs US Dollar”
After completing the ascending structure at 10700.00, BTCUSD is expected to continue growing towards 10800.00. After that, the instrument may form a new descending structure to break 10600.00 and then continue trading within the downtrend with the target at 10400.00 or even 10100.00.
S&P 500
After forming another consolidation range around 3370.0 and breaking it to the upside, the S&P index has reached 3408.0. Possibly, today the asset may correct to return to 3370.0 and test it from above. Later, the market may form one more ascending structure towards 3433.0 and then resume falling with the target at 3310.0.
