Forex Technical Analysis & Forecast 08.04.2020

April 8, 2020

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

After breaking 1.0836 and then reaching 1.0926, EURUSD is trading downwards to1.0836. After that, the instrument may form one more ascending structure towards 1.0870 and then resume moving inside the downtrend with the target at 1.0820.

EURUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

GBPUSD, “Great Britain Pound vs US Dollar”


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GBPUSD has finished the correctional structure at 1.2356; right now, it is forming another descending wave to reach 1.2176. Possibly, the pair may break this level to the downside and then continue moving inside the downtrend with the short-term target at 1.1988.

GBPUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

USDCHF, “US Dollar vs Swiss Franc”

After completing the descending wave at 0.9685, USDCHF is correcting towards 0.9733. Today, the pair may reach this level and then form a new descending structure with the target at 0.9679.

USDCHF
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

USDJPY, “US Dollar vs Japanese Yen”

After finishing the structure of the first descending impulse at 108.44, USDJPY has returned to 108.95, thus forming a new consolidation range between these two levels. If later the price breaks this range to the upside, the market may form one more ascending structure towards 109.55; if to the downside – resume moving downwards with the target at 107.62.

USDJPY
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD is consolidating around 0.6106. Possibly, the pair may expand the range up to 0.6220 and then fall towards its downside border at 0.5920. After that, the instrument may break this level and start another correction with the target at 0.5822.

AUDUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

USDRUB, “US Dollar vs Russian Ruble”

USDRUB has finished the descending structure at 75.44. According to the main scenario, the price is expected to correct towards 77.30. Later, the market may resume trading downwards with the short-term target at 74.22.

USDRUB
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

USDCAD, “US Dollar vs Canadian Dollar”

USDCAD continues forming the fifth descending wave; after breaking 1.4060, it has reached 1.3944. Possibly, today the pair may test the broken level from below and then resume trading downwards with the short-term target at 1.3888. The key target is at 1.3812.

USDCAD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

XAUUSD, “Gold vs US Dollar”

Gold continues forming the descending wave towards 1635.77. Possibly, the pair may reach this level and then grow towards 1655.55. Later, the market may resume trading inside the downtrend to continue the correction with the short-term target at 1628.47. The key target is at 1615.30.

GOLD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

BRENT

Brent is consolidating around 31.65. Possibly, today the pair may fall towards 29.92 and then grow to return to 31.65. Later, the market may form a new descending structure to complete the correction at 29.33. After that, the instrument may resume trading upwards with the target at 35.86.

BRENT
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

BTCUSD, “Bitcoin vs US Dollar”

BTCUSD is still forming the ascending wave with the target at 7530.00. Later, the market may form the first descending impulse towards 6600.00. After that, the instrument may start a new correction with the key target at 5600.00.

BTCUSD

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.