Forex Technical Analysis & Forecast 10.07.2020

July 10, 2020

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

After completing the ascending wave at 1.1370 and the descending structure towards 1.1300, EURUSD has formed the consolidation range around the latter level and broken it to the downside. Possibly, the pair may form a new descending structure to reach 1.1250 and then resume trading upwards with the target at 1.1300.

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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After finishing the ascending wave at 1.2668, GBPUSD has completed the descending impulse towards 1.2600; right now. it is consolidating around the latter level. Possibly, today the pair may fall to reach 1.2575 and then return to 1.2600. If later the price breaks this range to the upside, the market may correct towards 1.2640; if to the downside – start a new decline with the target at 1.2530.

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 still trading around 71.01. Today, the pair may fall to break 70.10 and then continue trading downwards to reach 69.60. However, an alternative scenario suggests that the market may form one more ascending correction with the target at 71.60.

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 has finished the descending wave at 106.99; right now, it is consolidating around this level. If later the price breaks this range to the upside, the market may correct towards 107.40; if to the downside – resume trading inside the downtrend with the target at 106.60.

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 forming the consolidation range around 0.9380 and breaking it to the upside, USDCHF is expected to continue growing towards 0.9440. After that, the instrument may resume trading inside the downtrend with the target at 0.9400.

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 the descending wave at 0.6939, AUDUSD is expected to consolidate around this level. Later, the market may break the range to the upside and start another correction towards 0.6969 or even 0.7004.

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

BRENT

Brent has finished the descending wave at 42.32. Today, the asset may form a new descending structure towards 41.90 and then consolidate around it. After that, the instrument may break the range to the upside and resume moving upwards with the target at 43.00 or even 43.90.

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

XAUUSD, “Gold vs US Dollar”

After falling and reaching 1800.00, Gold is consolidating around it. If later the price breaks this range to the upside, the market may correct towards 1809.90 and then resume trading downwards to break 1785.00. The short-term target is at 1775.55.

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 falling towards 9099.00. Later, the market may form one more ascending structure to reach 9260.00 and then start a new decline with the target at 9059.00.

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

S&P 500

After completing the descending structure at 3118.5 and returning to 3160.6, the Index is expected to consolidate between these two levels. If later the price breaks this range to the upside, the market may form one more ascending structure towards 3240.5; if to the downside – resume trading downwards with the target at 3072.2.

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.