Forex Technical Analysis & Forecast 17.11.2020
EURUSD, “Euro vs US Dollar”
After completing the ascending wave at 1.1866 and along with the correction towards 1.1815, EURUSD is forming one more ascending structure to reach 1.1880 and may later fall to return to 1.1815, thus forming a new consolidation range. If the price breaks this range to the downside, the market may continue the correction with the target at 1.1740; if to the upside – start another growth towards 1.1930.
GBPUSD, “Great Britain Pound vs US Dollar”
After finishing the ascending wave at 1.3241 along with the correction towards 1.3174, GBPUSD is growing with the short-term target at 1.3300. After that, the instrument may correct to test 1.3242 from above and then resume trading upwards to reach 1.3360.
USDRUB, “US Dollar vs Russian Ruble”
USDRUB has finished the descending wave at 76.32. Possibly, today the pair may correct to reach 77.00 and then start a new decline towards 75.44. Later, the market may break the latter level and continue trading downwards with the target at 75.00.
USDJPY, “US Dollar vs Japanese Yen”
After finishing the correction at 105.10 and rebounding from this level to the downside, USDJPY is falling with the short-term target at 104.00. Later, the market may start another correction to test 104.55 from below and then form a new descending structure to reach 103.50.
USDCHF, “US Dollar vs Swiss Franc”
After finishing the descending wave at 0.9100 along with the correction towards 0.9148, USDCHF is falling to return to 0.9100. If the price breaks the latter level to the downside, the market may continue moving downwards with the target at 0.9068.
AUDUSD, “Australian Dollar vs US Dollar”
After finishing the ascending wave at 0.7315, AUDUSD is forming a new consolidation range around this level. Today, the pair may form one more ascending structure towards 0.7314. If later the price breaks this range to the downside, the market may start a new correction with the target at 0.7267; if to the upside – form one more ascending structure to reach 0.7361.
BRENT
After breaking 44.00, Brent is consolidating above this level. Possibly, the asset may grow to reach 45.50 and then start a new correction to test 44.00 from above. Later, the market may continue trading upwards with the target at 48.50.
XAUUSD, “Gold vs US Dollar”
After completing the correction at 1875.00, Gold is moving upwards to reach 1903.00. After that, the instrument may start a new decline to return to 1875.00. If later the price breaks this level to the downside, the market may continue trading downwards with the target at 1840.00.
BTCUSD, “Bitcoin vs US Dollar”
After finishing the ascending structure at 16300.00 and forming a continuation pattern there, BTCUSD has reached the upside correctional target at 16800.00. Possibly, today the asset may consolidate below the latter level. If later the price breaks this level to the downside, the market may correct to test 16300.00 from above and then resume trading upwards with the target at 16950.00.
S&P 500
After breaking 3587.1 to the upside and then reaching 3637.0, the S&P index is consolidating below the latter level. Possibly, the asset may fall to test 3587.0 from above and then form a new descending structure with the target at 3655.6.
