Forex Technical Analysis & Forecast 04.06.2020

04.06.2020

EURUSD, “Euro vs US Dollar”

After reaching the target of the third ascending wave at 1.1255, EURUSD is falling towards 1.1209. After that, the instrument may correct to reach 1.1233, thus forming a new consolidation range between these two levels. If later the price breaks the range to the downside, the market may continue trading downwards to reach 1.1105; if to the upside – choose an alternative scenario and extend up to 1.1266.

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”

After rebounding from 1.2611 to the downside and almost forming a Double Top pattern, GBPUSD is trading downwards to reach 1.2522. Possibly, the pair may reach this level and then correct towards 1.2570, thus forming a new consolidation range between these two levels. If later the price breaks the range to the downside, the market may fall to reach 1.2400; if to the upside – choose an alternative scenario and resume trading upwards with the target at 1.2650.

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 forming the descending wave towards 68.00. Later, the market may start a new correction to reach 70.00 and then resume trading inside the downtrend with the target at 67.00.

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

USDJPY, “US Dollar vs Japanese Yen”

After forming the consolidation range around 108.70, USDJPY has almost broken it to the upside. Possibly, the pair may grow to reach 109.41 and then start another correction to return to 108.70.

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

USDCHF, “US Dollar vs Swiss Franc”

USDCHF is still consolidating around 0.9616 without any particular direction. If later the price breaks the range to the downside at 0.9600, the market may fall to reach 0.9550; if to the upside at 0.9630 – resume trading upwards with the target at 0.9660.

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 finishing the descending impulse at 0.6868, AUDUSD has completed the ascending structure towards 0.6940, thus forming a new consolidation range between these two levels. If later the price breaks the range to the downside, the market may correct to reach 0.6740; if to the upside – choose an alternative scenario and resume trading upwards with the target at 0.7010.

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

BRENT

After reaching 40.50 and completing the descending impulse at 38.80, Brent has finished the ascending structure towards 40.01, thus forming a new consolidation range at the top. If later the price breaks the range to the downside, the market may fall to reach 37.37; if to the upside – resume trading upwards with the target at 41.00.

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 descending wave at 1694.04, Gold is moving upwards to reach 1720.80. Later, the market may return to 1694.00 and break it. After that, the instrument may continue trading downwards with the target at 1658.70.

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 correcting to reach 9700.00. Later, the market may fall to with the target at 9085.00 and then continue trading upwards to return to 9700.00.

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

S&P 500

The Index has completed the ascending wave at 3133.3. Today, the asset may correct to reach 3091.0 and then start another growth with the target at 3160.5.

S&P 500
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

Attention!

Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.