Forex Technical Analysis & Forecast 17.08.2020
EURUSD, “Euro vs US Dollar”
EURUSD is consolidating around 1.1830; right now, it is trading close to the upside border. If later the price breaks this range to the upside at 1.1860 and forms a continuation pattern, the market may start a new growth to reach 1.1930; if to the downside at 1.1830 – resume moving inside the downtrend with the target at 1.1782 or even 1.1700.
GBPUSD, “Great Britain Pound vs US Dollar”
After finishing the ascending wave at 1.3130, GBPUSD is still consolidating around 1.3066; right now, it is falling to reach the latter level. If later the price breaks this range to the upside at 1.3140, the market may start a new growth to reach 1.3222; if to the downside at 1.3050 – resume moving inside the downtrend with the target at 1.2990.
USDRUB, “US Dollar vs Russian Ruble”
USDRUB is still consolidating not far from the downside border. According to the main scenario, the price is expected to break the range to the downside and break 72.30. After that, the instrument may continue trading downwards with the short-term target at 70.80.
USDJPY, “US Dollar vs Japanese Yen”
After compl0eting the descending wave at 106.46, USDJPY is correcting towards 106.75. Possibly, the pair may consolidate around the latter level. If later the price breaks this range to the downside, the market may form a new descending structure with the target at 105.95.
USDCHF, “US Dollar vs Swiss Franc”
USDCHF is still consolidating around 0.9100 without any particular direction. If later the price breaks this range to the downside, the market may start a new decline to reach 0.9040 or even 0.9000; if to the upside – resume moving upwards with the target at 0.9150 or even 0.9222.
AUDUSD, “Australian Dollar vs US Dollar”
AUDUSD is still consolidating around 0.7155; right now, it is moving not far from the upside border at 0.7192 and may later return to 0.7155. If the price breaks this range to the upside, the market may form one more ascending structure to reach 0.7222; if to the downside – resume moving inside the downtrend with the target at 0.7070.
BRENT
After finishing the descending wave at 45.00, Brent is moving upwards to break 46.00. Later, the market may continue trading upwards with the target at 47.07. After that, the instrument may correct to return to 46.00 and then resume growing towards 49.00.
XAUUSD, “Gold vs US Dollar”
After completing the correctional wave at 1930.60, Gold is expected to form one more ascending structure to reach 1960.60. If later the price breaks this level to the upside, the market may start a new growth towards 1992.70. However, if the pair falls and breaks 1920.00, the instrument may resume trading inside the downtrend with the target at 1850.00.
BTCUSD, “Bitcoin vs US Dollar”
After finishing the correction at 11600.00, BTCUSD is expected to grow and break 11900.00 to the upside. After that, the instrument may form one more ascending structure towards 12150.00 or even 12500.00. However, if the price breaks 11600.00 to the downside, the market may continue trading downwards with the target at 11000.00.
S&P 500
The S&P index is growing with the short-term at 3397.7. After that, the instrument may correct towards 3380.1 and then resume moving upwards to reach 3403.0 to complete this ascending wave. Later, the market may start a new correction with the target at 3333.3.
