Forex Technical Analysis & Forecast 24.08.2020

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

After finishing another descending wave at 1.1786, EURUSD is consolidating around 1.1780. Possibly, today the pair may form one more ascending structure to reach 1.1815. After that, the instrument may start a new decline towards 1.1720 and then return to 1.1785 to test it from below. In fact, the price is expected to start a new descending wave with the target at 1.1640.

GBPUSD, “Great Britain Pound vs US Dollar”

After completing the descending wave at 1.3070, GBPUSD is forming a narrow consolidation range above this level. Later, the market may break this range to the downside and resume trading upwards with the target at 1.2955 or even 1.2860.

USDRUB, “US Dollar vs Russian Ruble”

After breaking 73.90 to the upside, USDRUB has reached 75.00. Today, the pair may return to 73.90 to test it from above and then resume moving upwards to expand this wave up to 75.15. After that, the instrument may continue falling with the target at 73.90.

USDJPY, “US Dollar vs Japanese Yen”

After completing the descending structure at 105.45, 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 ascending wave at 0.9111, USDCHF is consolidating above this level. If later the price breaks this range to the downside, the market may start a new decline to reach 0.9090; if to the upside – form one more ascending structure with the first target at 0.9162.

AUDUSD, “Australian Dollar vs US Dollar”

After completing another descending wave at 0.7140, AUDUSD is correcting to reach 0.7173. Later, the market may resume trading downwards with the short-term target at 0.7070.

BRENT

Brent is still trading downwards. Possibly, the pair may continue the correction 44.00. If the price grows and breaks 45.25, the market may continue trading upwards with the short-term target at 46.70.

XAUUSD, “Gold vs US Dollar”

Gold is still consolidating above 1925.60. If later the price breaks this range to the downside, the market may resume trading downwards with the target at 1887.88; if to the upside at 1944.44 – start another correction towards 1975.50 and then form a new descending structure to reach 1850.00.

BTCUSD, “Bitcoin vs US Dollar”

After completing another descending structure at 11400.00, BTCUSD is forming a wide consolidation range above this level. Possibly, the pair may expand the range up to 11800.00 or even break this level. After that, the instrument may grow to reach 12000.00. However, if the price falls and breaks 11400.00, the market may resume trading downwards with the target at 11000.00.

S&P 500

After rebounding from 3363.7 and then finishing the ascending wave at 3404.4, the S&P index is expected to consolidate below the latter level. Possibly, the asset may fall to break 3377.1 and then continue moving downwards with the target at 3345.5.

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.