Forex Technical Analysis & Forecast 07.08.2020
EURUSD, “Euro vs US Dollar”
EURUSD is forming a wide consolidation range around 1.1850 and is currently moving not far from its downside border. According to the main scenario, the price is expected to rebound from 1.1818 and then resume growing to break 1.1885. After that, the instrument may continue trading upwards and complete this ascending wave at 1.1940. Later, the market may form a new descending structure with the target at 1.1700.
GBPUSD, “Great Britain Pound vs US Dollar”
GBPUSD is trading right in the middle of the consolidation range around 1.3100. Possibly, the pair may rebound from 1.3100 and then resume growing to break 1.3160. Later, the market may continue trading upwards and finish this wave at 1.3222. After that, the instrument may start a new decline with the target at 1.2950.
USDRUB, “US Dollar vs Russian Ruble”
After failing to break 72.80 to the downside, USDRUB is trading to rebound from this level. Possibly, today the pair may start another correction to reach 73.73 and then resume trading downwards to break 73.00. Later, the market may continue falling with the target at 72.80.
USDJPY, “US Dollar vs Japanese Yen”
USDJPY is consolidating around 105.50 and may grow to reach 105.80. However, the main scenario implies that the price is expected to continue falling towards 105.00 and then form one more ascending structure with the target at 106.50.
USDCHF, “US Dollar vs Swiss Franc”
After finishing the ascending structure at 0.9128, USDCHF is moving to rebound from this level to the downside. Possibly, the pair may fall to break 0.9088 and then continue trading downwards to complete this descending wave at 0.9040. After that, the instrument may start a new growth with the target at 0.9200.
AUDUSD, “Australian Dollar vs US Dollar”
AUDUSD is moving in the middle of the consolidation range around 0.7200. Today, the pair may rebound from 0.7200 and then grow to break 0.7240. Later, the market may continue trading upwards to finish this wave at 0.7275 and then start another decline with the target at 0.7070.
BRENT
Brent is moving not far from the downside border of the consolidation range around 45.40. Possibly, the pair may correct towards 44.80 and then start another growth to break 46.06. Later, the market may continue trading upwards with the target at 47.30.
XAUUSD, “Gold vs US Dollar”
After finishing the ascending wave at 2060.60, Gold is consolidating around this level. Possibly, the pair may break the range to the upside and reach 2088.88 and complete the current wave. After that, the instrument may start a new correction with the target at 2000.00.
BTCUSD, “Bitcoin vs US Dollar”
After finishing the ascending structure at 11900.00, BTCUSD is trading to rebound from this level to the downside. Possibly, the asset may reach 11200.00 and form a wide consolidation range around this level. If later the price breaks this range to the downside at 10900.00, the market may resume trading downwards to reach 10500.00; if to the upside at 11500.00 – start another growth with the target at 12500.00.
S&P 500
After completing the ascending wave at 3345.1m the S&P index is correcting. Possibly, the asset may fall to reach 3325.5 and then resume trading upwards to finish this wave at 3363.3. Later, the market may start a new correction with the target at 3200.2.
