Forex Technical Analysis & Forecast 17.07.2020
EURUSD, “Euro vs US Dollar”
After completing the first descending impulse along with the correction, EURUSD has updated its low while forming the second one; right now, it is consolidating around 1.1380. Possibly, today the pair may break the range to the downside and form a new descending structure with the short-term target at 1.1340.
GBPUSD, “Great Britain Pound vs US Dollar”
GBPUSD is consolidating around 1.2550. Today, the pair may trade downwards to reach 1.2477 and then resume growing to return to 1.2550. Later, the market may start a new decline with the target at 1.2454.
USDRUB, “US Dollar vs Russian Ruble”
USDRUB is moving close to the upside border of the range. Possibly, the pair may fall towards the downside one. Later, the market may break 70.50 and then continue trading downwards with the target at 69.96.
USDJPY, “US Dollar vs Japanese Yen”
After forming another consolidation range around 107.12, USDJPY has broken it to the upside, Possibly, the pair may choose an alternative scenario and form one more ascending structure towards 107.50. After that, the instrument may resume trading inside the downtrend with the target at 106.82.
USDCHF, “US Dollar vs Swiss Franc”
USDCHF is consolidating around 0.9444. Possibly, the pair may break the range to the upside and resume growing towards 0.9525. Later, the market may correct to return to 0.9444 and then form one more ascending structure with the target at 0.9550.
AUDUSD, “Australian Dollar vs US Dollar”
AUDUSD is falling towards 0.6944 and may later start a new correction to reach 0.6990. Later, the market may resume trading downwards with the target at 0.6922.
BRENT
Brent is consolidating around 43.50 without any particular direction. The main scenario suggests that the price may break the range upwards and grow with the target at 45.00. After that, the instrument may start a new decline towards 44.00 and then form one more ascending structure to reach 45.55.
XAUUSD, “Gold vs US Dollar”
After breaking 1803.80, Gold is expected to correct towards 1793.40. Later, the market may grow to test 1803.80 from below and then start another decline with the target at 1777.17.
BTCUSD, “Bitcoin vs US Dollar”
After finishing the descending wave at 9014.00, BTCUSD is trading to rebound from the downside border of the range; it has already completed the ascending impulse towards 9134.00 and may fall to reach 9055.00, 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 with the target at 9260.00; if to the downside – form a new descending structure to reach 8700.00.
S&P 500
After completing the descending wave at 3200.0, the S&P 500 Index has finished another growth towards 3220.2; right now, it is consolidating. If later the price breaks this range to the upside at 0.9415, the market may resume trading upwards to reach 3300.3; if to the downside – start a new decline with the target at 3180.8.
