Forex Technical Analysis & Forecast 16.12.2020

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

After completing the descending wave at 1.2121 and then returning to 1.2150, EURUSD is consolidating around the latter level. Possibly, today the pair may expand the range up to 1.2188 and then start a new decline towards 1.2119. If later this level is broken, the market may continue trading downwards with the target at 1.2050.

GBPUSD, “Great Britain Pound vs US Dollar”

After forming a new consolidation range around 1.3375 and breaking it to the upside, GBPUSD is growing to reach 1.3470. Later, the market may fall to return to 1.3375 and even break it. After that, the instrument may continue trading downwards to reach 1.3278 and then form one more ascending structure with the target at 1.3375.

USDRUB, “US Dollar vs Russian Ruble”

After completing the ascending wave to test 73.86 from below, USDRUB is expected to fall and break 72.30. After that, the instrument may continue moving downwards with the target at 71.20.

USDJPY, “US Dollar vs Japanese Yen”

After rebounding from 104.14, USDJPY continues falling towards 103.30. Later, the market may form one more ascending structure to test 103.70 from below and then start another decline with the target at 102.50.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF is consolidating close to the downside border of the range at 0.8850. Possibly, today the pair may break this level 0.8850 and then continue trading downwards to reach 0.8830. However, if the price grows and breaks 0.8870, the market may form one more ascending structure with the first target at 0.8900.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD is still consolidating around 0.7535. Possibly, today the pair may expand the range up to .07575 and then form a new descending structure to break 0.7480. After that, the instrument may continue moving downwards with the first target at 0.7330.

BRENT

After completing another ascending structure at 50.33 and breaking it to the upside, Brent continues growing with the short-term target at 50.89. Later, the market may start a new correction to return to 50.33 and test it from above. After that, the instrument may form one more ascending structure to reach 51.51 and complete this wave.

XAUUSD, “Gold vs US Dollar”

After finishing the ascending wave at 1849.04 and forming a new consolidation range around this level, Gold has broken it to the upside; right now, it is still growing towards 1874.00. After that, the instrument may correct to return to 1849.04 and then resume trading upwards with the target at 1879.59.

BTCUSD, “Bitcoin vs US Dollar”

BTCUSD is growing towards 19650.00. After that, the instrument may start another decline to break 18700.00 and then continue trading downwards with the target at 17500.00.

S&P 500

After finishing the ascending structure at 3573.5 and forming a new consolidation range around this level, the S&P index has broken it to the upside; right now, it is still moving upwards to reach 3702.2. After that, the instrument may form a new descending structure towards 3673.5 and then start another growth with the first target at 3706.0 to complete this wave.

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.