Forex Technical Analysis & Forecast 23.10.2020
EURUSD, “Euro vs US Dollar”
After breaking 1.1826 and forming a downside continuation pattern, EURUSD has reached the short-term downside target at 1.1786. Possibly, the pair may return to 1.1826 to test it from below and then resume trading downwards with the first target at 1.1771. Later, the market may start a new correction to reach 1.1825.
GBPUSD, “Great Britain Pound vs US Dollar”
GBPUSD is falling towards 1.3043. After that, the instrument may start another correction to reach 1.3108 and then resume falling with the target at 1.2977 or even 1.2915.
USDRUB, “US Dollar vs Russian Ruble”
After almost reaching the predicted downside target at 76.40, USDRUB is expected to consolidate near the lows. Possibly, today the pair may expand the range down to 76.15 and then start a new correction to reach 77.00. If later the price rebound from this level, the instrument may resume trading downwards with the target at 75.75.
USDJPY, “US Dollar vs Japanese Yen”
USDJPY is still consolidating around 104.68. Today, the pair may form one more ascending structure to test 105.03 from below. After that, the instrument may resume moving downwards with the first target at 103.88.
USDCHF, “US Dollar vs Swiss Franc”
After reaching the short-term upside target at 0.9090, USDCHF is expected to fall towards 0.9066. Later, the market may form one more ascending structure with the first target at 0.9098.
AUDUSD, “Australian Dollar vs US Dollar”
AUDUSD is still consolidating around 0.7114. Possibly, today the pair may expand the range up to 0.7144 and then form a new descending structure with the target at 0.7077 or even 0.7000.
BRENT
After forming another consolidation range around 42.27 and breaking it to the upside, Brent has reached 42.82. Possibly, today the asset may return to test 42.27 from above and then form one more ascending structure to break 43.53. Later, the market may continue trading upwards to 44.22. However, if the price falls and breaks 42.20 to the downside, the instrument may continue the correction towards 41.50.
XAUUSD, “Gold vs US Dollar”
After finishing the descending structure at 1893.10 and then returning to 1903.40, Gold is consolidating below the latter level. If later the price breaks this range to the upside, the market may start another growth towards 1920.00; if to the downside – resume trading within the downtrend with the short-term target at 1878.50.
BTCUSD, “Bitcoin vs US Dollar”
BTCUSD is still consolidating above 12700.00. Possibly, the asset may expand the range up to 13300.00 and the fall to reach 12900.00. If the price breaks the latter level to the downside, the market may continue falling towards 12700.00 or even correct to reach 12000.00. However, if the pair rebounds from 12900.00 and then breaks 13300.00, the instrument may resume trading within the uptrend with the target at 13700.00 or even 14000.00.
S&P 500
After completing the ascending wave at 3447.1, the S&P index is forming a new consolidation range above this level. Possibly, the asset may grow towards 3470.1 and then resume falling towards 3415.0. If later the price breaks this level to the downside, the market may continue falling within the downtrend with the target at 3373.3 or even 3300.0.
