Forex Technical Analysis & Forecast 06.04.2020

06.04.2020

EURUSD, “Euro vs US Dollar”

After completing another descending structure at 1.0773, EURUSD is expected to resume growing towards 1.0846 and the fall to reach 1.0830, thus forming a new consolidation range between these two levels. If later the price breaks this range to the upside, the market may continue forming the ascending wave towards 1.0930; if to the downside – resume moving inside the downtrend with the target at 1.0752.

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”

GBPUSD is forming the first descending wave with the target at 1.2160. After that, the instrument may form one more ascending structure towards 1.2315 and then resume moving inside the downtrend to reach the short-term target at 1.2050.

GBPUSD
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 consolidating around 0.9766. Today, the pair may expand the range down to 0.9737. Later, the market may return to 0.9766 and then form a new descending structure with the target at 0.9696.

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

USDJPY, “US Dollar vs Japanese Yen”

USDJPY continues trading upwards. The main scenario implies that today the price may reach 109.24 and then form a new descending structure towards 108.20. Later, the market may start another growth to reach 109.40 and then resume moving downwards with the target at 105.80.

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 forming a new descending structure with the short-term target at 0.5940. After that, the instrument may start another growth towards 0.6028 and then resume falling to reach 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 is forming a new descending structure towards 74.90. According to the main scenario, the price is expected to reach this level and then resume growing towards 77.20. Later, the market may resume trading downwards with the first 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 is still consolidating below 1.4240. Today, the pair may trade downwards to break 1.4060 and then continue falling with the short-term target 1.3888.

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

XAUUSD, “Gold vs US Dollar”

Gold is consolidating around 1614.80. Possibly, today the pair may fall to reach 1605.65 and then grow to return to 1614.80. If later the price breaks this range to the downside, the market may form a new descending structure towards 1586.59; if to the upside – trade upwards to extend the wave up to 1650.25 (an alternative scenario).

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

BRENT

Brent continues forming the ascending wave towards 35.86. After completing it, the instrument may correct to reach 30.80. If later the price breaks this level to the downside, the market may continue the correction towards 25.77.

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 structure towards 7330.00, which may later be followed by another decline to reach 6600.00. After that, the instrument may resume growing towards 7600.00 and then start a new correction with the target at 5600.00.

BITCOIN
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.