Forex Technical Analysis & Forecast 22.07.2020
EURUSD, “Euro vs US Dollar”
After breaking 1.1460 to the upside and then reaching 1.1545, EURUSD is expected to form a new consolidation range between these two levels. If later the price breaks this range to the downside, the market may correct towards 1.1494 and then resume trading upwards to reach 1.1555. After that, the instrument may start a new decline with the first target at 1.1460.
GBPUSD, “Great Britain Pound vs US Dollar”
After breaking 1.2640 to the upside and then reaching 1.2760, GBPUSD has finished the descending impulse at 1.2713; right now, it is consolidating above the latter level. If later the price breaks this range to the downside, the market may correct to return to 1.2640 and then form one more ascending structure with the target at 1.2800.
USDRUB, “US Dollar vs Russian Ruble”
After breaking 71.10 to the downside, USDRUB continues trading downwards. After that, the instrument may start consolidating. If later the price breaks this range to the downside, the market may resume falling with the short-term target at 69.60.
USDJPY, “US Dollar vs Japanese Yen”
After breaking 107.00 to the downside, USDJPY is still falling. Possibly, today the pair may test 106.90 from below and then resume falling towards 106.45. Later, the market may start another growth to reach 106.70 and then form a new descending structure with the target at 106.30.
USDCHF, “US Dollar vs Swiss Franc”
After breaking 0.9370 to the downside and then reaching 0.9320, USDCHF is consolidating above the latter level. Today, the pair may break the range to the upside and start a new correction with the target at 0.9360.
AUDUSD, “Australian Dollar vs US Dollar”
After breaking 0.7040 to the upside and then reaching 0.7125, AUDUSD is consolidating around the latter level. Possibly, the pair may break the range to the downside and then start another correction with the target at 0.7044.
BRENT
After completing the ascending wave at 45.00, Brent is correcting towards 44.00. Possibly, the pair may test 43.65 from above and then form one more ascending structure to reach 45.80 or even 46.50.
XAUUSD, “Gold vs US Dollar”
After breaking 1827.00 and then reaching 1864.00, Gold is forming a new descending impulse to reach 1845.50 and may later start another growth towards 1855.35, thus forming a new consolidation range between these two levels. If the price breaks this range to the downside, the market may correct downwards with the target at 1827.25.
BTCUSD, “Bitcoin vs US Dollar”
After finishing the ascending structure at 9235.00 and breaking this level upwards, BTCUSD has extended this wave up to 9380.00. Today, the asset may fall to test 9260.00 from above and then resume trading upwards with the target at 9450.00.
S&P 500
After reaching 3282.2, the S&P 500 Index is correcting towards 3242.2 Later, the market may form one more ascending structure to reach 3300.3 to finish the current uptrend. After that, the instrument may start a new correction.
