Forex Technical Analysis & Forecast 16.10.2020

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

After completing the descending wave at 1.1698, EURUSD is consolidating above this level. Possibly, the pair may expand the range up to 1.1717 and then down to 1.1678. If later the price breaks this range to the upside, the market may start a new correction with the target at 1.1760; if to the downside – resume trading downwards to reach 1.1600.

GBPUSD, “Great Britain Pound vs US Dollar”

After finishing the descending structure at 1.2960 and breaking this level to the downside, GBPUSD continues falling to reach 1.2848. After that, the instrument may correct towards 1.2960 and then form a new descending structure with the first target at 1.2830.

USDRUB, “US Dollar vs Russian Ruble”

After completing the ascending correctional structure at 78.28, USDRUB is expected to break this correctional channel to the downside and resume trading downwards with the first target at 76.40.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY is still consolidating above 105.00. Possibly, the pair may correct and expand the range up to 105.55 and then fall to return to 105.00. After that, the instrument may break the later level and continue moving downwards with the short-term target at 104.40.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF is still consolidating around 0.9140. Possibly, today the pair may expand the range up to 0.9170 and then start a new correction to reach 0.9127. Later, the market may form one more ascending structure with the target at 0.9225.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD is still falling towards 0.7052. Today, the pair may reach this level and then consolidate around it. If later the price breaks this range to the upside, the market may correct with the target at 0.7140.

BRENT

Brent is still consolidating around 42.60. Possibly, the asset may fall towards 41.50 and then form one more ascending structure to reach 44.22, at least. Later, the market may correct to return to 41.50 and then resume growing with the target at 46.50.

XAUUSD, “Gold vs US Dollar”

After finishing the descending wave at 1890.50, Gold has returned to 1905.50; right now, it is consolidating around the latter level. If later the price breaks this range to the upside, the market may continue the correction with the target at 1919.19 and then resume trading downwards to reach 1880.00.

BTCUSD, “Bitcoin vs US Dollar”

BTCUSD is still consolidating around 11400.00 without any particular direction. According to the main scenario, the price is expected to fall towards 11111.00. Later, the market may correct to test 11400.00 from below and then resume falling with the target at 10900.00.

S&P 500

After finishing the descending wave at 3447.5 and almost eliminating the gap, the S&P index has completed the ascending structure towards 3500.0. Possibly, today the asset may reach 3506.6 and then start a new decline with the target at 3440.0. After that, the instrument may form one more ascending structure to reach 3580.0.

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.