Forex Technical Analysis & Forecast 20.03.2020

20.03.2020

EURUSD, “Euro vs US Dollar”

After breaking 1.0810 downwards and then forming a downside continuation pattern there, EURUSD has reached the short-term target at 1.0655; right now, it is growing towards 1.0778. Possibly, the pair may reach this level and then form a new descending structure to reach 1.0715. If later the price breaks this level to the downside, the market may continue trading inside the downtrend towards 1.0612. However, if the instrument breaks 1.0780, it may start a new correction with the target at 1.0922.

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 consolidating around 1.1595. If later the price breaks this range to the downside at 1.1444, the market may resume trading inside the downtrend to reach 1.1264; if to the upside at 1.1786 – start a new correction with the target at 1.2166.

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

USDCHF, “US Dollar vs Swiss Franc”

After breaking 0.9730 and forming an upside continuation pattern there, USDCHF has completed the ascending structure with the short-term target at 0.9890; right now, it is falling to test 0.9730 from above. Later, the market may start a new growth towards 0.9925.

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 has finished the ascending structure at 111.26, thus extending the third ascending wave. Today, the pair may correct to reach 108.63 and then resume growing with the target at 112.21.

USDJPY
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 ascending structure at 0.5945, AUDUSD has completed the correction towards 0.5666; right now, it is forming the second ascending impulse to reach 0.6122. After that, the instrument may resume trading inside the downtrend towards 0.5888 and the start a new growth with the target at 0.6333.

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 the first descending impulse towards 78.18. Possibly, the pair may reach this level and then grow towards 80.40, thus forming a new consolidation range above 78.18. Later, the market may form one more ascending structure to reach 83.22 and then resume trading downwards to break 78.00. After that, the instrument may continue falling with the target at 72.90.

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

USDCAD, “US Dollar vs Canadian Dollar”

After completing the first descending impulse at 1.4380, USDCAD is forming a new consolidation range. Possibly, the pair may correct towards 1.4522 and then resume trading downwards to break 1.4370. Later, the market may continue falling with the short-term target at 1.4220.

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

XAUUSD, “Gold vs US Dollar”

Gold has completed the descending structure at 1456.80; right now, it is growing towards 1497.82. After that, the instrument may form a new descending structure with the target at 1442.70.

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

BRENT

Brent is growing towards 30.12. Possibly, the pair may reach this level and then form a new descending structure towards 27.25, thus forming a new consolidation range between them. If later the price breaks this range to the upside at 30.20, the market may resume trading upwards to reach 39.30; if to the downside at 27.00 – start a new decline with the target at 20.70.

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

BTCUSD, “Bitcoin vs US Dollar”

BTCUSD has finished the ascending structure at 6300.00, which may be considered as the third wave inside the ascending impulse. The main scenario implies that the instrument may correct towards 5300.00 and then resume trading upwards with the first target at 6600.00.

BTCUSD
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.