Forex Technical Analysis & Forecast 31.08.2020

August 31, 2020

EURUSD, “Euro vs US Dollar”

The currency pair has broken away the level of 1.1865 upwards. The market has used a trend continuation pattern and, rising, reached the local goal of 1.1919.The market is now offering the development of a new consolidation range above 1.0910. The pair may also decline to 1.1865 (testing the level from above). Then the pair may grow to 1.1940, aiming at 1.1968.

GBPUSD, “Great Britain Pound vs US Dollar”

The pair has broken 1.3278 upwards and suggests further growth to 1.3380. Then a correction to 1.3267 may follow (the level will be tested from above). And then the growth may continue to 1.3480.

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USDRUB, “US Dollar vs Russian Ruble”

The currency pair has performed the first impulse of declining. We are expecting the development of a consolidation range around the current lows. The range may extend to 74.15. The pair may then correct to 75.00 and decline to 74.00. If this level is broken away top-down, the pair may proceed to 73.22.

USDJPY, “US Dollar vs Japanese Yen”

The pair has shown a declining impulse to 105.20. Weare expecting a correction to 105.82, at least, followed by a decline to 104.70. The goal is local.

USDCHF, “US Dollar vs Swiss Franc”

The currency pair has broken away 0.9060 from above and proceeded to 0.9024. Then the market technically returned to 0.9060, testing it from below. Today the market keeps being pushed down, the potential goal being 0.9000. Practically, the market is forming a wide consolidation range around 0.9060.

AUDUSD, “Australian Dollar vs US Dollar”

The currency pair has broken away 0.7322 from below and suggests extending the wave to 0.7400. However, for now, the market has just technically tested 0.7322 from above. Then we expect another pattern of growth to develop with the aim a 0.7400.

BRENT

Oil is showing an upward gap, aiming at a breakaway of 46.00. We expect it to grow to 46.64 and then decline to 46.10, testing the level from above. And then the price may reach 47.30, with a perspective to continue the trend to 47.60.

XAUUSD, “Gold vs US Dollar”

Gold has demonstrated a wave of growth to 1955.90 and broke it away upwards with a trend continuation pattern. A pathway to 1988.22 is practically open. We may expect a wide consolidation range to develop around 1956.00. Today, the range may extend to 1988.22, and then the pair may fall to 1956.00 ,testing it from above. After that, the growth may resume to 2002.00.

BTCUSD, “Bitcoin vs US Dollar”

The cryptocurrency has shown a wave of growth to 11660 and a correction to 11505. The market is now trading in another wave of growth to 11700. When this level is broken away, a pathway to 12000 will open, but then the cryptocurrency will drop to 11505.

S&P 500

The stock index has shown an upward gap and reached 3528.0. A correction to 3475.5 is not excluded followed by growth to 3590.0. This will be the end of the extension potential of this wave of growth, which means we should expect a serious correction.

Article By RoboForex.com

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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.

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Forex Technical Analysis & Forecast 31.08.2020