Forex Technical Analysis & Forecast 12.05.2020

EURUSD, “Euro vs US Dollar”

EURUSD has finished the descending wave at 1.0790; right now, it is growing towards 1.0830. Possibly, the pair may reach this level and then resume trading downwards with the short-term target at 1.0763.

GBPUSD, “Great Britain Pound vs US Dollar”

After completing the descending wave at 1.2300, GBPUSD is correcting to reach 1.2365. After that, the instrument may continue trading downwards with the short-term target at 1.2255.

USDRUB, “US Dollar vs Russian Ruble”

USDRUB is still falling towards 72.50. Later, the market may form one more ascending structure to test 74.00 from below and then resume trading inside the downtrend with the target at 71.30.

USDJPY, “US Dollar vs Japanese Yen”

After extending the ascending wave and reaching 107.75, USDJPY is correcting towards 106.95. After that, the instrument form one more ascending structure with the target at 107.36.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF is falling towards 0.9717. Later, the market may resume trading upwards with the target at 0.9755.

AUDUSD, “Australian Dollar vs US Dollar”

After reaching the downside target at 0.6464, AUDUSD is growing towards 0.6495. According to the main scenario, the price is expected to reach this level and then start another decline with the target at 0.6426.

BRENT

Brent is still consolidating around 30.70 and forming a Triangle pattern. If later the price breaks this pattern to the downside, the market may start a new correction with the target at 27.00; if to the upside – form one more ascending structure towards 36.03.

XAUUSD, “Gold vs US Dollar”

After completing the descending wave at 1691.75, Gold is trading upwards to reach 1709.37 and may later start another decline towards 1699.90, thus forming a new consolidation range. If the price breaks this range to the upside, the market may resume growing with the target at 1755.50.

BTCUSD, “Bitcoin vs US Dollar”

BTCUSD is consolidating around 8700.00. Possibly, today the pair may trade upwards to reach 9400.00 and then form a new descending structure towards 8700.00. After that, the instrument may start another growth with the target at 9900.00.

S&P 500

After returning to 2904.9, the Index is growing towards 2970.3. Later, the market may resume trading downwards to test 2905.0 from above.