Forex Technical Analysis & Forecast 21.10.2020

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

After choosing an alternative scenario and reaching 1.1844, EURUSD is expected to form a new consolidation range above 1.1800. If later the price breaks this range to the downside, the market may start a new decline to reach 1.1760, return to 1.1800 to test it from below, and then resume trading downwards with the target at 1.1700; if to the upside – extend this ascending structure towards 1.1877.

GBPUSD, “Great Britain Pound vs US Dollar”

After returning to 1.2980, GBPUSD is expected to consolidate around this level. If later the price breaks this range to the upside, the market may start a new growth to reach 1.3033; if to the downside – resume falling to break 1.2910 and then continue trading downwards with the first target at 1.2844.

USDRUB, “US Dollar vs Russian Ruble”

USDRUB has almost completed another descending structure at 77.30. Possibly, today the pair may consolidate around this level. If later the price breaks this range to the downside, the market may start a new decline to reach 76.50 and then resume trading upwards to test 77.30 from below. After that, the instrument may continue trading falling with the target at 76.40.

USDJPY, “US Dollar vs Japanese Yen”

After rebounding from 105.60, USDJPY is forming another descending wave to reach 105.00 and may later form a new consolidation range. After that, the instrument may break the range to the downside and resume moving downwards with the short-term target at 104.20.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF is consolidating above 0.9060. Today, the pair may grow to break 0.9080 and then continue growing with the target at 0.9111. Later, the market may form one more ascending structure to test 0.9080 from above.

AUDUSD, “Australian Dollar vs US Dollar”

After completing the descending wave at 0.7020 along with the ascending structure towards 0.7070, AUDUSD is consolidating around the latter level. If later the price breaks this range to the upside, the market may start another growth with the target at 0.7133; if to the downside – resume falling to reach 0.7000.

BRENT

Brent is still consolidating around 42.70 not far from the upside border. If later the price breaks this range to the upside, the market may start another growth to reach 43.90; if to the downside – form a new descending structure towards 42.22 and then resume trading upwards with the first target at 44.22.

XAUUSD, “Gold vs US Dollar”

After forming another consolidation range around 1909.60 and breaking it to the upside, Gold is expected to continue the correction to reach 1922.00 and may later fall to return to 1909.60. After that, the instrument may continue the correction according to an alternative scenario and reach 1924.90. However, the asset may start plummeting at any moment and break 1900.00. In this case, the price may form a new descending structure with the target at 1877.00.

BTCUSD, “Bitcoin vs US Dollar”

After forming an upside continuation pattern around 11800.00 and reaching the short-term target at 12280.00, BTCUSD is expected to consolidate near the highs. If later the price breaks this range to the downside, the market may test 11800.00 from above and then another growth with the target at 12500.00.

S&P 500

The S&P index is consolidating around 3455.0. Possibly, the asset may correct towards 3486.4 and then resume falling to break 3420.0. After that, the instrument may continue trading downwards with the short-term target at 3300.0.

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.