Forex Technical Analysis & Forecast 22.10.2020
EURUSD, “Euro vs US Dollar”
After completing another ascending structure at 1.1880, EURUSD is forming a new descending impulse. Possibly, the pair may reach 1.1840 and then form another consolidation range above this level. If later the price breaks this range to the downside, the market may resume trading downwards with the target at 1.1814 or even 1.1750.
GBPUSD, “Great Britain Pound vs US Dollar”
After breaking 1.3015 and completing the correction by reaching 1.3165, GBPUSD is expected to consolidate below the latter level. If later the price breaks this range to the downside, the market may start a new decline with the target at 1.3015 or even 1.2899.
USDRUB, “US Dollar vs Russian Ruble”
After breaking 77.30 to the downside, USDRUB has completed the descending wave at 76.72. Possibly, today the pair may start a new growth to return to 77.30 and test it from below. After that, the instrument may continue trading downwards with the first target at 76.40.
USDJPY, “US Dollar vs Japanese Yen”
After breaking 105.00 and then reaching the predicted downside target at 104.40, USDJPY is consolidating above the latter level. Possibly, the pair may form another descending structure to reach 104.20 and then correct to test 105.00 from below. After that, the instrument may resume moving downwards with the first target at 103.90.
USDCHF, “US Dollar vs Swiss Franc”
After finishing another descending structure at 0.9030 and then forming the ascending impulse, USDCHF has completed the correction; right now, it is growing to break the first impulse to the upside. Today, the pair may trade upwards to reach 0.9090 and then start a new decline towards 0.9065. Later, the market may form one more ascending structure with the first target at 0.9097.
AUDUSD, “Australian Dollar vs US Dollar”
After completing the ascending wave at 0.7133 and then rebounding from this level to the downside, AUDUSD is still trading downwards. Possibly, today the pair may reach 0.7078 and then correct towards 0.7110. After that, the instrument may resume falling to break 0.7070 and then continue moving within the downtrend with the target at 0.7000.
BRENT
Brent is still consolidating around 42.70 not far from the downside border. Possibly, the asset may reach 41.50 and then form one more ascending structure to break 42.50. Later, the market may continue trading upwards to reach 43.50 or even 44.22. However, if the price 41.50 to the downside and forms a continuation pattern, the instrument may choose an alternative scenario and start a new correction towards 35.50.
XAUUSD, “Gold vs US Dollar”
After finishing another ascending structure at 1931.00, Gold is trading to rebound from this level. Possibly, the asset may fall to break 1903.40 and then continue trading downwards with the target at 1877.20.
BTCUSD, “Bitcoin vs US Dollar”
After reaching the key upside target at 13000.00, BTCUSD is moving downwards. Today, the asset may reach 12100.00 and then correct towards 12550.00. Later, the market may start another decline with the target at 11500.00.
S&P 500
After forming the consolidation range around 3447.1, the S&P index has expanded it down to 3412.2. Possibly, the asset may grow to return to 3447.1 and test it from below. If later the price breaks this range to the downside, the market may resume falling to break 3370.0 and then continue falling within the downtrend with the target at 3202.8. And that’s just a half of the descending wave.
