Forex Technical Analysis & Forecast 11.01.2021

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

After reaching the short-term downside target at 1.2170, EURUSD is expected to start another growth to test 1.2245 from below. After that, the instrument may resume trading downwards with the first target at 1.2160 and then start a new correction in the form of a Flag pattern to reach 1.2260.

GBPUSD, “Great Britain Pound vs US Dollar”

After completing another descending wave at 1.3500, GBPUSD is expected to grow towards 1.3571. Later, the market may form a new descending structure with the first target at 1.3390.

USDRUB, “US Dollar vs Russian Ruble”

USDRUB is consolidating around 74.14. Possibly, the pair may form one more ascending structure to reach 74.80 and then resume trading downwards to break 73.73. After that, the instrument may continue falling with the short-term target at 72.60.

USDJPY, “US Dollar vs Japanese Yen”

After breaking 103.60 to the upside, USDJPY is expected to form one more ascending structure towards 104.44. Later, the market may start a new correction with the target at 103.50.

USDCHF, “US Dollar vs Swiss Franc”

After rebounding from 0.8828, USDCHF is growing towards 0.8900 and may later start another correction with the target at 0.8828.

AUDUSD, “Australian Dollar vs US Dollar”

After breaking 0.7750 to the downside and then reaching 0.7700, AUDUSD is expected to form a new correctional structure to return to 0.7750 and test it from below. 0.7707. Later, the market may start another decline to complete this descending wave at 0.7680 and then resume growing with the target at 0.7766.

BRENT

After completing the ascending impulse at 56.00, Brent is consolidating below this level. If later the price breaks this range to the downside, the market may correct towards 54.54; if to the upside – expand the range up to 56.70 and then start a new correction with the target at 51.40.

XAUUSD, “Gold vs US Dollar”

Gold has finished the descending wave at 1842.40. Possibly, today the metal may consolidate around this level. If later the price breaks this range to the downside, the market may form a new descending structure with the first target at 1815.10; if to the upside – start another growth to reach 1885.15 and then resume falling towards the above-mentioned target.

BTCUSD, “Bitcoin vs US Dollar”

After breaking 38600.00 and then reaching the first downside target at 33500.00, BTCUSD is expected to correct in the form of a Flag pattern to return to 38600.00. After that, the instrument may resume trading downwards with the target at 28900.00.

S&P 500

After finishing the ascending wave at 3826.4, the S&P index is falling to reach 3785.5. After that, the instrument may consolidate above the latter level. If later the price breaks this range to the downside, the market may resume moving downwards with the first target at 3745.0.

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.