Forex Technical Analysis & Forecast 19.10.2020

19.10.2020

EURUSD, “Euro vs US Dollar”

After completing the correction at 1.1744 and rebounding from this level to the downside, EURUSD is still trading downwards. Today, the pair may reach 1.1688 and then grow to test 1.1714 from below. Later, the market may form a new descending structure with the predicted short-term target at 1.1655. This descending movement may be considered only as half of the third wave within the downtrend.

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 finishing the correctional structure at 1.2940 and rebounding from this level to the downside, GBPUSD continues trading downwards. Possibly, today the pair may fall to break 1.2850 and then continue moving within the downtrend with the short-term target at 1.2655.

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

USDRUB, “US Dollar vs Russian Ruble”

After forming the consolidation range above 77.88 and breaking it to the downside, USDRUB is expected to continue falling towards 77.30. Possibly, today the pair may reach this level and then start a new correction to test 77.50 from below. Later, the market may resume trading downwards with the target at 76.40.

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 rebounding from 105.20, USDJPY is still correcting upwards to reach 105.55. Possibly, the pair may reach this level and break the correctional channel. After that, the instrument may start a new decline to break 105.00 and then continue moving downwards with the short-term target at 104.40.

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 rebounding from 0.9123, USDCHF is still moving upwards to reach 0.9177. Later, the market may start consolidating around the latter level. If the price breaks this range to the upside, the instrument may form one more ascending structure with the short-term target at 0.9229.

USDCHF
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 still consolidating around 0.7085. Today, the pair may fall with the target at 0.7025. However, if the price expands this range upwards, the market may reach 0.7113 and then resume trading downwards to reach the above-mentioned target.

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

BRENT

Brent is still consolidating around 42.70 and trying to break the upside border at 43.30. The main scenario implies that the asset may continue trading upwards to reach 44.22. Later, the market may correct to return to 42.70.

BRENT
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 1900.60. According to the main scenario, the price is expected to break this range to the downside and resume falling to reach 1887.40. After that, the instrument may return to 1900.00 to test it from below and then start a new decline with the short-term target at 1877.40.

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 still consolidating around 11400.00 without any particular direction; it has once again reached both its borders at 11200.00 and 11500.00. According to the main scenario, the price is expected to fall towards 11111.00. Later, the market may correct to test 11400.00 from below and then resume falling with the target at 10900.00.

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

S&P 500

After finishing the ascending structure at 3516.6 along with the correction towards 3469.0, the S&P index is expected to consolidate between these two levels. If later the price breaks this range to the downside, the market may start a new decline with the target at 3432.0; if to the downside – choose an alternative scenario to reach 3580.0 and then resume falling towards 3300.0.

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.