Forex Technical Analysis & Forecast 06.08.2020

August 6, 2020

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

After reaching 1.1805 and then breaking it to the upside, EURUSD has reached 1.1904. Possibly, the pair may correct towards 1.1805 and then form one more ascending structure with the target at 1.1916. In fact, the market continues forming a wide consolidation range around 1.1805.

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”


Get our Weekly Commitment of Traders Report: - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.




Get Our Free Metatrader 4 Indicators - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter






After rebounding from 1.3071 and then completing another ascending structure at 1.3160, GBPUSD is expected to fall towards 1.3071 and then move upwards with the target at 1.3175. In fact, the instrument continues forming a wide consolidation range around 1.3071.

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

USDRUB, “US Dollar vs Russian Ruble”

USDRUB is moving to break 72.80 to the downside. Possibly, the pair may form a new descending structure with the short-term target at 71.71 and then start another correction to return to 72.80. After that, the instrument may resume trading downwards with the first target at 70.90.

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

USDJPY, “US Dollar vs Japanese Yen”

USDJPY is correcting. Today, the pair may fall to reach at least 105.25 and then start another growth to break 105.85. After that, the instrument may continue trading upwards with the target at 106.50.

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

USDCHF, “US Dollar vs Swiss Franc”

After finishing the descending structure at 0.9050, USDCHF is moving upwards to break 0.9080 and may later reach 0.9166. After that, the instrument may start a new decline towards 0.9100. In fact, the market continues forming a wide consolidation range around 0.9166.

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

AUDUSD, “Australian Dollar vs US Dollar”

After completing another ascending structure at 0.7233, AUDUSD is expected to fall towards 0.7149. Later, the market may start another growth to reach 0.7195. In fact, the instrument continues forming a wide consolidation range around 0.7149.

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

BRENT

After reaching 46.40 and then finishing the correction at 45.25, Brent is still trading upwards. Possibly, today the pair may grow to reach 46.46 and then form a new descending structure towards 45.40. Later, the market may resume trading upwards with the target at 47.44.

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

XAUUSD, “Gold vs US Dollar”

After finishing the ascending wave at 2052.50, Gold is consolidating around 2040.40. Possibly, the pair may correct downwards to reach 1000.02 and then form one more ascending structure with the target at 2060.50.

GOLD
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 growing; it has broken 11500.00 and may continue moving upwards to reach 11900.00. After that, the instrument may form a new descending structure towards 11200.00. In fact, the market continues forming a wide consolidation range around 11200.00.

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

S&P 500

After breaking 3316.1 and forming a new consolidation range above this level, the S&P index is trading upwards with the target at 3345.1. Later, the market may start a new correction towards 3284.0.

S&P 500

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.