Forex Technical Analysis & Forecast 21.04.2020
EURUSD, “Euro vs US Dollar”
After breaking 1.0844 to the downside, EURUSD is still forming the fifth descending wave with the short term target at 1.0810. After that, the instrument may start another correction to return to 1.0844 and then resume falling inside the downtrend to reach 1.0792.
GBPUSD, “Great Britain Pound vs US Dollar”
After breaking 1.215 to the downside, GBPUSD is still moving downwards with the short-term target at 1.2355. Later, the market may correct to return to 1.2415 and then form a new descending structure towards 1.2290.
USDRUB, “US Dollar vs Russian Ruble”
USDRUB is growing towards 75.50. Possibly, the pair may reach this level and then start a new decline to break 73.80. After that, the instrument may continue trading inside the downtrend to reach 68.50. However, if the price rebounds from 73.80 and then breaks 75.50 to the upside, the market may continue moving upwards with the target at 77.30.
USDJPY, “US Dollar vs Japanese Yen”
After breaking 107.60 to the downside, USDJPY is expected to continue falling with the short-term target at 107.33. After that, the instrument may form one more ascending structure to return to 107.60 and then start another decline with the target at 107.17.
USDCHF, “US Dollar vs Swiss Franc”
USDCHF has broken 0.9700 to the upside. Possibly, the pair may continue growing to reach 0.9741 and then start another correction to return to 0.9700. Later, the market may form one more ascending structure with the target at 0.9750.
AUDUSD, “Australian Dollar vs US Dollar”
After breaking 0.6315 to the downside, AUDUSD is expected to continue falling towards 0.6235. After that, the instrument may consolidate. If later the price breaks this range to the downside, the market may continue trading inside the downtrend with the short-term target at 0.6100.
BRENT
Brent is moving downwards. If later the price breaks 25.00 to the downside, the market may continue falling 21.60; if 26.30 to the upside – form one more ascending structure with the target at 28.60 and then start a new consolidation range.
XAUUSD, “Gold vs US Dollar”
Gold continues trading upwards to reach 1702.70. After that, the instrument may form a new descending structure towards 1662.75 and then resume growing to return to 1702.70.
BTCUSD, “Bitcoin vs US Dollar”
After finishing the descending correction at 6850.00, BTCUSD is expected to grow towards 7100.00, 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 to break 7222.00 and then continue its growth to reach 7700.00; if to the downside – continue the correction with the target at 6450.00.
S&P 500
After completing the correction at 2800.6, S&P 500 is expected to form one more ascending structure towards 2870.5, 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 inside the uptrend to reach 2927.6; if to the downside – continue the correction with the target at 2681.3.
