Forex Technical Analysis & Forecast 08.12.2020
EURUSD, “Euro vs US Dollar”
The currency pair has completed a structure of decline to 1.2080 and a correction to 1.2155. At the moment, the market is forming a consolidation range around 1.2116. Today, the market might extend it to 1.2065 and then grow to 1.2155. With an escape upwards, growth to 1.2200 might become possible. With an escape downwards, a level of 1.2054 might be reached.
GBPUSD, “Great Britain Pound vs US Dollar”
The currency pair performed a wave of decline to 1.3240. Today, the market is trading in a consolidation range around 1.3340. We expect the range to extend to 1.3452. Then the pair might decline to 1.3155.
USDRUB, “US Dollar vs Russian Ruble”
The currency pair is forming a consolidation range at the lows of the wave of decline. It might cover the level of 73.23. Then a link of growth to 75.03 and a decline to 74.07 might follow. With an escape of this range upwards, the pair might proceed to 77.50. With an escape downwards, the pair might go down to 70.80.
USDJPY, “US Dollar vs Japanese Yen”
The currency pair has performed a correction to 104.30. Today, the market is trading in a structure of decline to 103.77. With a breakaway of this level downwards, a pathway to 103.30 might open. The goal is local.
USDCHF, “US Dollar vs Swiss Franc”
The pair keeps forming a consolidation range near 0.8890. It might extend to 0.8952. Then the price might decline back to 0.8890. With a breakaway of this level, the decline might continue to 0.8811.
AUDUSD, “Australian Dollar vs US Dollar”
The currency pair is trading in a structure of growth to 0.7458. Then, we expect a decline to 0.7402. At these levels, a consolidation range is expected to form. With an escape downwards, a pathway to 0.7364 might open.
BRENT
Oil keeps developing a correction to 47.93. When the correction is over, another structure of growth to 49.94 might develop. Then a wave of decline to 46.50 might start.
XAUUSD, “Gold vs US Dollar”
Gold has broken through 1848.33 and is aiming at 1873.19. After reaching this level, the price might drop back to 1848.33 (a test from above). Then it might grow to 1890.50.
BTCUSD, “Bitcoin vs US Dollar”
Today the market is forming a consolidation range around 19,100. A decline to 18,800 might follow. Upon reaching this level, growth to 19,600 and a decline to 19,100 might follow. With an escape from this range upwards, we expect growth to 20,000 and then – a decline to 18,000.
S&P 500
The market keeps developing a consolidation range around 3688.5. With an escape upwards, a pathway to 3713.4 might open. Then a link of correction to 3388.0 might develop. When it is over, growth to 3730.7 might follow.
