Forex Technical Analysis & Forecast 14.12.2020
EURUSD, “Euro vs US Dollar”
After completing the descending wave at 1.2105 and then returning to 1.2140 due to the gap this morning, EURUSD is still consolidating. Possibly, today the pair may expand the range up to 1.2150 and then fall to return to 1.2100. If later the price breaks this range to the downside, the market may resume trading downwards to reach 1.2050; if to the upside – form one more ascending structure with the target at 1.2200.
GBPUSD, “Great Britain Pound vs US Dollar”
After finishing the descending wave at 1.3131 and ten breaking 1.3239 due to the gap this morning. GBPUSD is expected to start another correction towards 1.3271. Later, the market may resume trading downwards with the target at 1.3000.
USDRUB, “US Dollar vs Russian Ruble”
After rebounding from 73.33, USDRUB is falling towards 72.70. After that, the instrument may start a new growth to test 73.33 from below and then resume moving downwards with the target at 72.40.
USDJPY, “US Dollar vs Japanese Yen”
USDJPY is still consolidating around 103.93. Possibly, the pair may trade upwards to reach 104.24 and then start another decline towards 103.60. After that, the instrument may form one more ascending structure to test 103.93 from below and then resume falling with the target at 103.30.
USDCHF, “US Dollar vs Swiss Franc”
After finishing the descending structure at 0.8850 along with the correction towards 0.8880, USDCHF has broken the latter level and may expand the range up to 0.8930. Later, the market may start another decline to reach 0.8811 and complete the descending wave there. After that, the instrument may form one more ascending structure with the first target at 0.8950.
AUDUSD, “Australian Dollar vs US Dollar”
AUDUSD is falling towards 0.7516 and may later grow to reach 0.7544, thus forming a new consolidation range between these two levels. If later the price breaks this range to the downside, the market may resume trading downwards to reach 0.7444; if to the upside – form one more ascending structure with the target at 0.7577.
BRENT
After completing the correction at 49.68, Brent is moving upwards to reach 50.45, thus forming a new consolidation range between these two levels. If later the price breaks this range to the upside, the market may resume trading upwards to reach 51.17; if to the downside – form a new descending structure with the target at 48.40.
XAUUSD, “Gold vs US Dollar”
Gold is still consolidating around 1839.15. Possibly, the metal may expand the range up to 1852.90 and then form a new descending structure towards 1818.50. Later, the market may resume trading upwards with the target at 1890.00.
BTCUSD, “Bitcoin vs US Dollar”
BTCUSD is falling towards 18800.00. After that, the instrument may start another growth to reach 20000.00 and then resume trading downwards with the first target at 18000.00.
S&P 500
After finishing the descending structure at 3630.9, the S&P index is expected to correct towards 3689.4. Later, the market may fall to reach 3662.4 and then form one more ascending structure with the target at 3692.2.
