Forex Technical Analysis & Forecast 12.10.2020

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

After choosing an alternative scenario and reaching 1.1820, EURUSD is consolidating below this level. Possibly, the pair may break the range to the downside and start a new correction to reach 1.1750. Later, the market may form one more ascending structure with the target at 1.1888.

GBPUSD, “Great Britain Pound vs US Dollar”

After choosing an alternative scenario and reaching 1.3033, GBPUSD is still consolidating below this level. Today, the pair may break the range to the downside and start another correction with the target at 1.2922. After that, the instrument may resume trading upwards to reach 1.3155.

USDRUB, “US Dollar vs Russian Ruble”

USDRUB continues falling towards 76.40. After reaching this level, the instrument may correct towards 77.30 and then resume falling with the target at 74.04. Later, the market may start another growth to reach 78.16.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY is falling with the target at 105.00. After that, the instrument may correct towards 105.50, thus forming a new consolidation range between these two levels. If later the price breaks this range to the downside, the market may start another decline to reach 103.25; if to the upside – resume trading upwards with the target at 106.00.

USDCHF, “US Dollar vs Swiss Franc”

After completing another descending structure at 0.9105, USDCHF is still consolidating around this level. Today, the pair may break the range to the upside and start a new correction towards 0.9175. Later, the market may resume falling with the target at 0.9055.

AUDUSD, “Australian Dollar vs US Dollar”

After finishing another ascending structure, at 0.7240, AUDUSD is consolidating below this level. Possibly, today the pair may expand the range up to 0.7255. After that, the instrument may correct towards 0.7155 and then resume trading upwards with the target at 0.7306.

BRENT

After forming another consolidation range around 43.50 and then breaking it to the downside, Brent is expected to correct towards 41.50. Later, the market may resume growing with the first target at 44.22.

XAUUSD, “Gold vs US Dollar”

Gold is growing according to an alternative scenario to reach 1933.00. Today, the pair may consolidate around this level and expand the range up to 1935.00. After that, the instrument may correct to reach 1907.50 and then form one more ascending structure with the target at 1942.04.

BTCUSD, “Bitcoin vs US Dollar”

After completing the ascending structure at 10900.00 and forming the consolidation range below this level, BTCUSD has broken it to the upside. Possibly, today the asset may choose an alternative scenario and grow towards 11500.00. Later, the market may form a new descending structure to correct towards 10950.00 and then start another growth with the target at 11800.00.

S&P 500

The S&P index is still consolidating around 3470.1. Today, the pair may test this level from above. If later the price breaks this range to the upside, the market may choose an alternative scenario and extend this wave up to 3520.3; if to the downside – start a new correction with the target at 3434.3.

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.