Forex Technical Analysis & Forecast 16.11.2020

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

After completing the ascending wave at 1.1830 and then forming another consolidation range around this level, EURUSD has broken the range upwards and may later continue growing to reach 1.1880. After that, the instrument may correct towards 1.1840 and then start a new growth with the target at 1.1917 or even reach 1.1930.

GBPUSD, “Great Britain Pound vs US Dollar”

After finishing the ascending wave at 1.3203 and then forming a new consolidation range around this level, GBPUSD has broken the range upwards and may later continue growing to reach 1.3258. After that, the instrument may correct to return to 1.3203 and then resume trading upwards with the target at 1.3300.

USDRUB, “US Dollar vs Russian Ruble”

USDRUB has finished the ascending wave at 77.66. Possibly, today the pair may fall to reach 76.16 and then grow towards 76.90, thus forming a new consolidation range around the latter level. If later the price breaks this range to the downside, the market may start another decline with the target at 75.00 or even reach 74.60.

USDJPY, “US Dollar vs Japanese Yen”

After rebounding from 105.12 and then reaching 104.70, USDJPY has formed a new consolidation range around the latter level just to break it to the downside. Possibly, the pair may continue moving downwards towards 103.70. Later, the market may start another correction to return to 104.70 and then form a new descending structure with the target at 102.50.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF is falling towards 0.9111 and may later grow to reach 0.9151, thus forming a new consolidation range between these two levels. If the price breaks this range to the downside, the market may continue the correction with the target at 0.9070.

AUDUSD, “Australian Dollar vs US Dollar”

After finishing the ascending wave at 0.7267 and then forming a new consolidation range around this level, AUDUSD has broken the range to the upside. Today, the pair may form one more ascending structure towards 0.7314 and then start a new decline with the first target at 0.7267.

BRENT

After breaking 43.63 downwards, Brent is consolidating below this level. Possibly, the asset may fall to reach 42.66 and then form one more ascending wave to break 43.64. Later, the market may continue trading upwards with the target at 45.30 or even reach 48.50.

XAUUSD, “Gold vs US Dollar”

After reaching 1894.76, Gold is consolidating below this level. Today, the metal may form a new descending structure to reach 1876.15 and then resume trading upwards with the target at 1902.76.

BTCUSD, “Bitcoin vs US Dollar”

BTCUSD has reached the correctional target at 15700.00; right now, it is growing towards 16275.00. Later, the market may start a new decline to reach 15970.00 and then form one more ascending wave with the target at 16500.00.

S&P 500

After forming another consolidation range below 3582.4, the S&P index has broken it to the upside. Possibly, the asset may continue growing to reach 3639.1 and then start a new correction towards 3596.6. After that, the instrument may resume trading upwards with the target at 3673.6.

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.