Forex Technical Analysis & Forecast 08.02.2021
EURUSD, “Euro vs US Dollar”
After finishing the correction at 1.2050 and testing this level from below, EURUSD is expected to form another consolidation range there. Later, the market may break the range to the downside and then resume falling with the target at 1.1944.
GBPUSD, “Great Britain Pound vs US Dollar”
After completing the ascending wave at 1.3739, GBPUSD is expected to resume trading downwards and reach 1.3671. After that, the instrument may form one more ascending structure with the target at 1.3830.
USDRUB, “US Dollar vs Russian Ruble”
USDRUB is still falling towards 74.24 and may later start another growth to test 75.00 from below. After that, the instrument may resume trading downwards with the target at 73.63.
USDJPY, “US Dollar vs Japanese Yen”
USDJPY is still consolidating around 105.55. Possibly, today the pair may break this range to the downside and start a new decline to reach 104.52. Later, the market may resume growing with the target at 105.91.
USDCHF, “US Dollar vs Swiss Franc”
USDCHF has reached the short-term upside target at 0.9040; right now, it is correcting towards 0.8968. Later, the market may form one more ascending structure with the target at 0.9062.
AUDUSD, “Australian Dollar vs US Dollar”
After breaking 0.7651, AUDUSD has reached 0.7680. Today, the pair may fall to test 0.7650 from above and then start another growth with the target at 0.7720.
BRENT
Brent is still growing towards 60.00. After that, the instrument may correct to reach 58.25 and then form one more ascending structure with the target at 61.77.
XAUUSD, “Gold vs US Dollar”
Gold has finished the ascending wave at 1818.60. Today, the metal may start consolidating around this level. Later, the market may break the range to the downside and resume trading upwards with the target at 1761.50.
S&P 500
The S&P index is still growing towards 3917.0 and may later start a new correction to reach 3812.0. After that, the instrument may form one more ascending wave with the target at 3940.5.
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.