Forex Technical Analysis & Forecast 07.10.2020

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

After reaching 1.1800 and rebounding from it to the downside, EURUSD has reached 1.1744; right now, it is consolidating below this level. If later the price breaks this range to the downside, the market may start a new decline towards 1.1705 or even reach the target at 1.1680; if to the upside – form one more correctional structure towards 1.1766 and then resume trading downwards to reach the above-mentioned target.

GBPUSD, “Great Britain Pound vs US Dollar”

After finishing the descending wave at 1.2899, GBPUSD is consolidating below this level. If later the price breaks this range to the downside, the market may form a new descending structure towards 1.2813 or even reach the target at 1.2790; if to the upside – start another correction towards 1.2950 and then resume trading within the downtrend to reach the above-mentioned target.

USDRUB, “US Dollar vs Russian Ruble”

USDRUB is still consolidating around 78.18. Today, the pair may fall towards 77.35 and then start a new correction to return to 78.18. After that, the instrument may resume falling with the first target at 76.40.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY is consolidating below 105.50 without any particular direction. Possibly, the pair may reach 106.00. and then form a new descending structure to break 105.00. Later, the market may continue trading downwards with the target at 104.40.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF has completed the ascending structure at 0.9180; right now, it is consolidating around this level. If later the price breaks this range to the upside, the market may start a new growth with the target at 0.9225; if to the downside – correct towards 0.9155 and then resume trading upwards to reach the above-mentioned target.

AUDUSD, “Australian Dollar vs US Dollar”

After completing the descending structure at 0.7100, AUDUSD is consolidating above this level. If later the price breaks this range to the downside, the market may start a new decline with the target at 0.7000; if to the upside – form one more correctional structure towards 0.7155 and then resume trading downwards to reach the above-mentioned target.

BRENT

After finishing the ascending structure at 42.97, Brent is consolidating above 41.50. Today, the asset may continue trading within the uptrend with the target at44.22 and then start a new correction to return to 41.50.

XAUUSD, “Gold vs US Dollar”

After completing the descending structure at 1882.00, Gold is expected to correct towards 1898.90. Later, the market may start a new decline to break 1875.00 and then continue falling with the target at 1850.00.

BTCUSD, “Bitcoin vs US Dollar”

After completing the descending structure at 10600.00 and breaking it to the downside, BTCUSD is still falling with the target at 10330.00. After that, the instrument may form one more ascending structure to return to 10600.00 and then resume trading within the downtrend to break 10300.00. Later, the market may continue falling with the target at 10100.00.

S&P 500

After rebounding from 3430.0 and finishing the descending wave at 3366.0, the S&P index is consolidating near the lows. Possibly, today the asset may break this range to correct towards 3404.0 and then form a new descending structure with the target at 3300.0. However, if the price breaks this range to the downside, the market may resume falling to reach the above-mentioned target without correcting.

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.