Forex Technical Analysis & Forecast 21.08.2020

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

After finishing the descending wave at 1.1802 along with the ascending impulse towards 1.1855, EURUSD has formed a new consolidation range around the latter level. Possibly, today the pair may try to break it to the upside to reach 1.1909. After that, the instrument may start a new decline to return to 1.1855.

GBPUSD, “Great Britain Pound vs US Dollar”

After completing the ascending wave at 1.3166 and then forming a new consolidation range around this level, GBPUSD has broken it to the upside; right now, it is still growing towards 1.3250. Later, the market may correct to reach 1.3217, at least, and then resume trading upwards with the target at 1.3265.

USDRUB, “US Dollar vs Russian Ruble”

USDRUB is still consolidating around 73.33 without any particular direction. Possibly, the pair may expand the range up to 74.30 and then return to 73.50. After breaking the latter level, the instrument may continue trading downwards with the target at 72.80.

USDJPY, “US Dollar vs Japanese Yen”

After completing the descending structure at 105.60, USDJPY is expected to grow towards 106.30. Later, the market may start another decline to break 105.50 and then continue trading downwards with the target at 104.84.

USDCHF, “US Dollar vs Swiss Franc”

After finishing the descending wave at 0.9080l, USDCHF is consolidating around this level. If later the price breaks this range to the downside, the market may start a new decline to reach 0.9000; if to the upside – form one more ascending structure with the first target at 0.9162.

AUDUSD, “Australian Dollar vs US Dollar”

After completing the descending wave at 0.7140 along with the correction towards 0.7215, AUDUSD is consolidating below the latter level. Today, the pair may fall to break 0.7140 and then continue trading downwards with the target at 0.7070. However, if the price breaks the range to the upside, the market may form one more ascending wave towards 0.7272.

BRENT

After expanding the range down to 44.50, Brent has quickly returned to 45.45; right now, it is consolidating above the latter level. Possibly, today the pair may grow towards 46.30 and then start a new decline to reach 46.00. After that, the instrument may resume trading upwards with the short-term target at 47.45.

XAUUSD, “Gold vs US Dollar”

Gold is still consolidating near the lows. Today, the pair may form one more ascending structure towards 1973.39 and then start a new decline to break 1925.50. After that, the instrument may continue trading downwards with the target at 1850.00.

BTCUSD, “Bitcoin vs US Dollar”

BTCUSD is expected to grow towards 12000.00. Later, the market may fall to break 11600.00 and then continue trading downwards with the target at 11000.00. However, if the price breaks this range to the upside at 12000.00, the market may extend this ascending wave up to 12600.00.

S&P 500

After finishing the ascending wave at 3377.1 and then forming a new consolidation range around this level, the S&P index has broken it to the upside and almost reached the short-term target at 3397.1; right now, it is consolidating below the latter level. Possibly, the asset may correct to the downside to return to 3377.1 and then resume moving upwards with the target at 3404.4.

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.