Forex Technical Analysis & Forecast 29.10.2020
EURUSD, “Euro vs US Dollar”
After breaking 1.1768 and then reaching 1.1717, EURUSD is correcting upwards. Possibly, the pair may grow to test 1.1760 from below and then resume trading downwards with the target at 1.1695 or even 1.1660.
GBPUSD, “Great Britain Pound vs US Dollar”
After breaking 1.3020 and then reaching 1.2916, GBPUSD is correcting to the upside. Possibly, today the pair may return to test 1.3030 from below and then resume falling with the target at 1.2900 or even reach 1.2777.
USDRUB, “US Dollar vs Russian Ruble”
After completing the ascending structure at 77.44 and then forming a narrow consolidation range around this level, USDRUB has broken it to the upside, to reach 78.80; right now, it is consolidating below the latter level. If later the price breaks this range to the downside, the market may fall to return to 77.44 and then start another growth towards 78.00; if to the upside – extend this ascending structure to reach 79.88.
USDJPY, “US Dollar vs Japanese Yen”
USDJPY continues falling with the target at 103.90; right now, it is consolidating below 104.40. Today, the pair may break the range to the downside and reach the above-mentioned target. After that, the instrument may correct towards 105.00 and then resume moving within the downtrend to reach 102.50.
USDCHF, “US Dollar vs Swiss Franc”
After completing the ascending structure at 0.9126, USDCHF is correcting downwards. Possibly, the pair may fall to reach 0.9085 and then resume trading within the uptrend with the short-term target at 0.9156.
AUDUSD, “Australian Dollar vs US Dollar”
After finishing the ascending structure at 0.7156 and almost forming a Double Top pattern, AUDUSD has rebounded from this level to the downside to reach 0.7050; right now, it is consolidating below the latter level. If later the price breaks this range to the downside, the market may start another decline with the target at 0.7013; if to the upside – correct to test 0.7090 from below and then resume trading within the downtrend with the above-mentioned target.
BRENT
After completing the descending structure at 40.50 and breaking it downwards, Brent has reached 39.50; right now, it is consolidating around the latter level. Possibly, the assets may break the range to the upside and correct towards 40.60. Later, the market may form a new descending structure with the target at 39.00.
XAUUSD, “Gold vs US Dollar”
After breaking 1894.00 and then reaching 1872.00, Gold is consolidating around the latter level. Possibly, today the pair may break the range to the upside and correct to test 1888.00 from below. Later, the market may resume trading within the downtrend with the target at 1845.00.
BTCUSD, “Bitcoin vs US Dollar”
After rebounding from 13844.00 and then reaching the short-term downside target at 12873.00, BTCUSD is correcting towards 13280.00. After that, the instrument may form a new descending structure with the target at 12700.00.
S&P 500
After reaching the short-term downside target at 3275.0, the S&P index is expected to consolidate near the lows. If later the price breaks this range to the upside, the market may start correction towards 3380.0; if to the downside – resume trading within the downtrend with the target at 3215.0.
