Forex Technical Analysis & Forecast 04.08.2020

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

After finishing the descending impulse at 1.1700, EURUSD is correcting towards 1.1800. After that, the instrument may form a new descending structure to break 1.1700 and then continue trading downwards with the short-term target at 1.1588.

GBPUSD, “Great Britain Pound vs US Dollar”

After reaching 1.3000, GBPUSD has finished the correction towards 1.3084. Today, the pair may fall to return to 1.3000 and break it to the downside. Later, the market may continue moving downwards with the short-term target at 1.2875.

USDRUB, “US Dollar vs Russian Ruble”

After completing the ascending wave at 74.44, USDRUB is expected to form a new descending structure towards 72.60. After that, the instrument may start another growth to reach 73.64 and then resume falling to break 73.13. Later, the market may continue trading downwards with the target at 71.15.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY is still consolidating around 105.80. Possibly, the pair may fall to reach 105.00 and then resume trading upwards to break 106.40. After that, the instrument may continue growing with the target at 107.40.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF has completed the ascending impulse at 0.9240; right now, it is correcting towards 0.9147. Later, the market may resume trading upwards to break 0.9240 and then continue growing with the target at 0.9333.

AUDUSD, “Australian Dollar vs US Dollar”

After completing the descending structure at 0.7076, AUDUSD is growing to reach 0.7150. After that, the instrument may start a new decline to break 0.7075 and then continue trading downwards with the target at 0.7000.

BRENT

After breaking 43.70 and then reaching 44.44, Brent is falling to test the former level from above. Later, the market may continue trading upwards to reach 45.55 or even 46.46.

XAUUSD, “Gold vs US Dollar”

After completing the ascending wave at 1975.50, Gold is consolidating below this level. Possibly, the pair may fall to break 1960.00 and then continue trading downwards with the target at 1933.33. However, if the price grows and breaks 1977.00 to the upside, the instrument may start a new growth to reach 1990.50 or even 2012.20.

BTCUSD, “Bitcoin vs US Dollar”

After completing the correction at 11400.00, BTCUSD is expected to fall towards 10880.00 and break it. After that, the instrument may continue the correction to reach 10500.00 or even 9533.00.

S&P 500

After breaking 3285.2 and then reaching 3305.5, the S&P index is expected to return to 3285.2 and test it from above. Later, the market may resume moving upwards with the short-term target at 3345.1.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.