Forex Technical Analysis & Forecast 20.10.2021

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

After finishing another ascending wave at 1.1668 along with the descending impulse towards 1.1627, EURUSD is forming a new consolidation range around 1.1650. If later the price breaks this range to the downside, the market may resume trading downwards with the target at 1.1600.

GBPUSD, “Great Britain Pound vs US Dollar”

After completing the ascending wave at 1.3818 along with the descending impulse towards 1.3785, GBPUSD is consolidating above the latter level. Today, the pair may resume trading downwards to reach 1.3744 and then start another growth with the target at 1.3785.

USDRUB, “US Dollar vs Russian Ruble”

USDRUB is forming a narrow consolidation range around 70.90. Possibly, the pair may break it to the downside and form a new descending structure to reach 70.48. Later, the market may start another correction with the target at 71.50.

USDJPY, “US Dollar vs Japanese Yen”

After finishing the ascending structure at 114.44 and breaking it to the upside, USDJPY is consolidating above this level. Possibly, today the pair may grow to reach 115.07 and then start a new correction towards 113.90. Later, the market may resume trading downwards with the target at 113.33.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF has completed the ascending impulse at 0.9235; right now, it is consolidating around this level. Possibly, the pair may correct towards 0.9212 and then form one more ascending structure with the short-term target at 0.9235.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD has expanded its consolidation range up to 0.7500. Today, the pair may fall to break 0.7460 and then continue trading downwards with the target at 0.7350.

BRENT

After completing the descending wave at 83.83 along with the ascending structure towards 85.40, Brent is consolidating between these two levels. If later the price breaks this range to the upside, the market may resume trading within the uptrend with the target at 88.20; if to the downside – continue the correction towards 82.33.

XAUUSD, “Gold vs US Dollar”

Gold is still consolidating around 1772.20. Today, the metal may grow to reach 1785.85 and then fall to return to 1772.20. If later the price breaks this range to the upside, the market may resume trading upwards with the target at 1803.50; if to the downside – start a new decline towards 1751.50.

S&P 500

After finishing the ascending wave at 4525.4, the S&P index is expected to fall towards 4474.8. After that, the instrument may break the latter level to the downside and continue trading downwards with the first target at 4377.0.

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.