Forex Technical Analysis & Forecast 07.12.2020

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

The currency pair has performed another matrix of growth towards 1.2175. Today, we expect a correction to 1.2100 to develop; when this level is reached, we will expect growth to 1.2140. At these levels, a consolidation range might develop. If the pair escapes it upwards, it might proceed to 1.2200. With an escapes downwards, the correction might continue to 1.2020.

GBPUSD, “Great Britain Pound vs US Dollar”

The currency pair bounced off 1.3400 and completed another matrix of growth to 1.3538. Today, the market is correcting to 1.3380. After this level is hit, we expect a link of growth to 1.3450. At these levels, a consolidation range might form. If it is escaped downwards, the correction might continue to 1.3290. With an escape upwards, the pair might grow to 1.3550.

USDRUB, “US Dollar vs Russian Ruble”

The currency pair keeps developing a wave of decline. Today, it might reach below 73.70. Then a consolidation range might form at the current lows. After an escape upwards, a wave of correction to 75.20 might start. The goal is first.

USDJPY, “US Dollar vs Japanese Yen”

The currency pair keeps developing a consolidation range around 103.90. The main scenario presumes a decline to 103.77. With a breakaway downwards, the decline might continue to 103.30. The goal is local. Then the pair might turn to growth to 104.00 and then – decline to 102.50. The goal is main.

USDCHF, “US Dollar vs Swiss Franc”

The currency pair is forming a consolidation range above 0.8888. We expect it to extend to 0.8926. Then the pair might decline to 0.8880. With a breakaway of this level, it might proceed to 0.8811.

AUDUSD, “Australian Dollar vs US Dollar”

The currency pair keeps correcting to 0.7407. Upon reaching this level, we expect a link of growth to 0.7428. At these levels, we expect a consolidation range to form. With an escape upwards, the quotations might grow to 0.7458. With an escape downwards, the correction might continue to 0.7366.

BRENT

Oil completed another wave of growth, reaching over 49.79. Today, the market is forming a correction to 48.40. After the correction is over, we expect another wave of growth to 49.94. Here, the wave of growth should be over. Then a wave of decline to 46.46 might start. The goal is first.

XAUUSD, “Gold vs US Dollar”

Gold keeps developing a wave of growth to 1851.11. Then we expect a correction to 1832.46. After the correction is over, growth to 1857.70 might begin. The goal is first. After this level is reached, correction to 1810.70 might start.

BTCUSD, “Bitcoin vs US Dollar”

The market is trading in a consolidation range around 19,220. With an escape upwards, the price might leap up to 19,650. With an escape downwards, it might decline to 18,200. Then we expect growth to 20,000.

S&P 500

The stock index is trading in a consolidation range around 3694.0. With an escape from the range upwards, the price might proceed to 3719.4. Then a link of correction to 3394.0 might follow. After the correction is over, we expect growth to 3730.7.

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.