Forex Technical Analysis & Forecast 06.11.2020

EURUSD, “Euro vs US Dollar”

The major currency pair is trading upwards. After reaching 1.1777 and then extending this ascending structure up to 1.1853, EURUSD is forming a new consolidation range below the latter. Possibly, today the pair may grow towards 1.1880 and then resume trading downwards with the first target at 1.1688. Later, the market may correct to return to 1.1777 and then start another decline to reach 1.1600.

GBPUSD, “Great Britain Pound vs US Dollar”

After completing the ascending structure at 1.3040 and breaking it to the upside, GBPUSD has extended this structure up to 1.3152; right now, it is consolidating below the latter level. Possibly, the pair may fall to return to 1.3040 and then form one more ascending structure to reach 1.3171. After that, the instrument may resume trading downwards with the target at 1.2911.

USDRUB, “US Dollar vs Russian Ruble”

After breaking 78.00 to the downside, USDRUB is still falling. Today, the pair may reach 76.40 and then correct to test 78.00 from below. After that, the instrument may resume moving within the downtrend with the target at 75.07.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY has finished the descending structure at 103.40; right now, it is consolidating above this level. Possibly, the pair may correct to test 104.40 from below and then resume trading within the downtrend with the target at 102.50.

USDCHF, “US Dollar vs Swiss Franc”

After forming another consolidation range around 0.9119 and breaking it downwards, USDCHF has completed the descending wave at 0.9030. Today, the pair may grow to return to 0.9119 and then start another decline with the target at 0.9070.

AUDUSD, “Australian Dollar vs US Dollar”

After forming the consolidation range around 0.7159 and breaking it upwards, AUDUSD has reached 0.7222; right now, it is still consolidating below the latter level. Possibly, the pair may expand the range up to 0.7301 and then form a new descending structure with the target at 0.7159.

BRENT

Brent is still consolidating above 39.50. Possibly, today the asset may test this level from above and then form one more ascending structure to break 41.41. Later, the market may start another growth with the first target at 42.72.

XAUUSD, “Gold vs US Dollar”

After rebounding from 1889.86, completing the ascending structure at 1913.50, and then breaking the latter level to the upside, Gold has reached 1946,72 and may later form one more ascending structure with the target at 1964.44. Today, the metal may correct to test 1913.50 from below and then resume growing to reach the above-mentioned target. After that, the instrument may continue trading within the downtrend towards 1888.88.

BTCUSD, “Bitcoin vs US Dollar”

After completing the ascending structure at 14500.00 and forming an upside continuation pattern, BTCUSD has reached 15953.00; right now, it is consolidating below the latter level. Possibly, the asset may move upwards with the short-term target at 16200.00 and then start a new correction to test 13000.00 from above.

S&P 500

The S&P index has finished the ascending structure at 3530.5; right now, it is consolidating below this level. Possibly, the asset may expand the range up to 3545.3 and the form a new descending structure with the first target at 3334.4.