Forex Technical Analysis & Forecast 03.11.2020

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

After finishing the descending structure at 1.1622, EURUSD is correcting towards 1.1665 and may later fall to reach 1.1645, thus forming a new consolidation range between the two latter levels. If later the price breaks this range to the downside along with 1.1622, the market may resume trading downwards with the target at 1.1582; if to the upside – correct to reach 1.1700 and then form a new descending structure towards the above-mentioned target.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD is consolidating around 1.2941. Possibly, today the pair may form a new descending structure towards 1.2880. If later the price breaks this range to the upside, the market may start another correction to reach 1.2990; if to the downside – fall to beak 1.2811 and then continue trading downwards with the short-term target at 1.2680.

USDRUB, “US Dollar vs Russian Ruble”

After reaching 80.95, USDRUB is expected to fall towards 78.60 and may later form one more ascending structure with the target at 81.04 to complete this wave. After that, the instrument may start a new decline to break 78.60 and then continue moving within the downtrend with the first target at 76.00.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY is still falling to reach 104.50 and may later grow to test 105.00 from below. After that, the instrument may form a new descending structure to break 104.00 and then continue trading within the downtrend with the target at 103.50.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF has completed the ascending wave at 0.9205; right now, it is correcting to test 0.9170 from above. Later, the market may grow to break 0.9205 and then continue trading within the uptrend with the target at 0.9277.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD is consolidating around 0.7031. Today, the pair may fall to reach 0.6982 and then grow to return to 0.7031. If later the price breaks this range to the downside, the market may resume trading downwards with the target at 0.6899; if to the upside – correct to reach 0.7090 and then form a new descending structure towards the above-mentioned target.

BRENT

After rebounding from 36.50 and then reaching 39.40, Brent is expected to correct towards 37.95. After that, the instrument may form one more ascending structure with the short-term target at 40.50.

XAUUSD, “Gold vs US Dollar”

Gold has finished the ascending structure at 1895.80. Possibly, today the metal may fall to break 1877.77 and then continue trading within the downtrend with the target at 1854.50. Later, the market may start another grown to return to 1877.77 and then form a new descending structure towards 1825.50.

BTCUSD, “Bitcoin vs US Dollar”

After completing the descending impulse at 13200.00 along with the correction towards 13690.00, BTCUSD is falling and may reach 13130.00. After that, the instrument may break the latter level to the downside and continue trading downwards with the short-term target at 12600.00.

S&P 500

The S&P index is still forming a wide consolidation range around 3288.0. Today, the asset may expand this range up to 3350.2 and then resume trading within the downtrend with the short-term target at 3200.5.

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.