Forex Technical Analysis & Forecast 12.06.2020
EURUSD, “Euro vs US Dollar”
After finishing the descending wave at 1.1313, EURUSD is consolidating below this level. If later the price breaks the range to the upside, the market may resume trading upwards to reach 1.1350; if to the downside – start a new decline with the short-term target at 1.1222.
GBPUSD, “Great Britain Pound vs US Dollar”
After forming the consolidation range around 1.2672 and breaking it to the downside, GBPUSD has reached the short-term target at 1.2555. Today, the pair may correct towards 1.2610 and test it from below. After that, the instrument may form a new descending structure to reach 1.2534 and then start another correction to return to 1.2672.
USDRUB, “US Dollar vs Russian Ruble”
USDRUB is correcting towards 69.90. Possibly, the pair may reach this level and then fall towards 68.90, thus forming a new consolidation range. If later the price breaks the range to the upside, the market may continue the correction to reach 72.00; if to the downside – resume trading downwards with the target at 67.55.
USDJPY, “US Dollar vs Japanese Yen”
USDJPY is growing towards 107.47 and then may fall to reach 107.00, thus forming a new consolidation range between these two levels. If later the price breaks the range to the upside, the market may form one more ascending structure to reach 108.20; if to the downside – resume trading downwards with the target at 106.00.
USDCHF, “US Dollar vs Swiss Franc”
USDCHF is growing towards 0.9457 and then may fall to reach 0.9416, thus forming a new consolidation range. Later, the market may break the range to the upside and continue the correction with the target at 0.9535.
AUDUSD, “Australian Dollar vs US Dollar”
After forming the consolidation range around 0.6921 and breaking it to the downside, AUDUSD has reached the short-term target at 0.6805. Possibly, today the pair may correct towards 0.6854 and then start another decline with the target at 0.6780.
BRENT
After completing the descending structure at 37.30, Brent has almost reached the short-term correctional target. Today, the pair may grow to test 39.65 from below and then form a new descending structure towards 35.65 to finish the correction. Later, the market may resume trading upwards with the target at 49.50.
XAUUSD, “Gold vs US Dollar”
After finishing the descending impulse at 1725.50, Gold is consolidating around this level. Possibly, the pair may break the range to the downside and reach 1706.80. After that, the instrument may form one more ascending structure to return to 1725.50 and test it from below.
BTCUSD, “Bitcoin vs US Dollar”
After completing the descending wave with the first target at 9100.00, BTCUSD is expected to grow and reach 9700.00. Later, the market may fall towards 8650.00. And that’s just a half of the third descending wave. The predicted downside target is at 8000.00.
S&P 500
The Index is forming the first descending impulse; it has already reached the short-term target at 2998.8. Possibly, today the asset may correct towards 3114.7 and then resume trading downwards with the first target at 2992.6.
