Forex Technical Analysis & Forecast 15.09.2020
EURUSD, “Euro vs US Dollar”
EURUSD is no longer consolidating within a Triangle pattern; after reaching 1.1890, it has broken this level to the upside. At the moment, the pair is trying to break the mid-term resistance line and start a new ascending structure. However, before starting this wave, the asset must test the line from above and rebound towards 1.1960. The support area is at 1.1852. one should note that the MACD indicator is forming a divergence, which may hint at a possible reversal after the instrument reaches 1.1960.
GBPUSD, “Great Britain Pound vs US Dollar”
After breaking the upside border of a short-term Triangle pattern and testing the resistance line of the mid-term channel at 1.2890, GBPUSD has completed another pullback and broken the resistance line; right now, it is expected to form a new ascending impulse towards 1.3025. If later the price breaks this level, the market may resume the mid-term uptrend.
USDRUB, “US Dollar vs Russian Ruble”
After updating the short-term low, USDRUB has formed a correctional impulse towards 50.0% fibo. In the nearest future, the pair may fall towards the key support level at 74.20. This scenario is confirmed by the MACD indicator, which is directed to the downside. After testing the level, the instrument may rebound and form a new ascending wave to reach the high at 76.58. However, if the price breaks 74.30, the downtrend will resume.
USDJPY, “US Dollar vs Japanese Yen”
After rebounding from the descending channel’s upside border, USDJPY has reached 105.60ж right now, it is testing the support line. After that, the instrument is expected to fall towards 104.93. However, there might be an alternative scenario that implies a possible rebound from the support line and further growth to reach the key resistance line at 106.10.
BRENT
Brent is still correcting within a Triangle pattern and testing its downside border. If the pair breaks the support line at 39.70, the market may fall to break 23.6% fibo (39.28) and then reach 37.88. However, judging by the MACD indicator, which is directed to the upside, the price may break the resistance line at 40.63 and then expand the correctional channel up to 41.83.
XAUUSD, “Gold vs US Dollar”
After finishing a short-term sideways channel and testing the resistance line of a mid-term Triangle pattern at 1960.00, Gold has broken the line and may form a new pullback to test it from above soon. The target of this pullback is at 1954.00. Later, the market may rebound from this level and start a new growth with the target at 2000.00.
BTCUSD, “Bitcoin vs US Dollar”
After rebounding from the support line and forming a new ascending wave towards 10640.00, BTCUSD has broken this level; right now, it is falling to test the level from above. After that, the instrument may form one more ascending impulse towards 11200.00. This scenario is confirmed by the MACD indicator, which is directed to the upside. The key support line remains at 10310.00.
S&P 500
After breaking the long-term support line, the S&P 500 index has started a mid-term correction or even a reversal. As we can see, the convergence on MACD made the asset start a new correctional growth towards 50.0% fibo at 3451.0. After completing the correction, the instrument may start a new descending structure to reach the low at 3310.6 or even break it. Later, the market may continue the mid-term downtrend with the target at 23.6% fibo (3258.9).
