Forex Technical Analysis & Forecast for July 15, 2020

EURUSD, “Euro vs US Dollar”

EURUSD has extended the wave up to 1.1420. Possibly, today the pair may form a new descending structure towards 1.1373 and then start another growth to reach 1.1390, thus forming a new consolidating range between these two levels. If later the price breaks this range to the downside, the market may resume trading downwards with the target at 1.1330.

GBPUSD, “Great Britain Pound vs US Dollar”

After finishing the descending wave at 1.2480, GBPUSD is correcting upwards with the target at 1.2588. Later, the market may start a new decline to reach the short-term target at 1.2454.

USDRUB, “US Dollar vs Russian Ruble”

USDRUB is consolidating below 71.23. Today, the pair may fall to break 70.55 and then continue trading downwards with the target at 69.90. Later, the market may start a new correction to reach 71.27.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY is still consolidating around 107.20. Possibly, today the pair may form a new descending structure to return to 107.00 and then start another growth to reach 107.50. Later, the market may resume falling towards 106.94 or even deeper, 106.60.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF is still consolidating around 0.9400. If later the price breaks this range to the upside at 0.9415, the market may resume trading upwards with the target at 0.9440 or even higher, 0.9550; if to the downside at 0.9388 – form a new descending structure with the target at 0.9366.

AUDUSD, “Australian Dollar vs US Dollar”

After completing the ascending wave at 0.7017, AUDUSD is expected to fall towards 0.6967 and then grow to reach 0.6991, thus forming a new consolidating range between these two levels. If later the price breaks this range to the downside, the market may resume trading downwards with the target at 0.6924.

BRENT

Brent is moving not far from the upside border of the range. Possibly, the pair may break 43.30 and then continue moving upwards with the target at 45.00. After that, the instrument may start a new decline to return to 43.30 and then form one more ascending structure to reach 45.55.

XAUUSD, “Gold vs US Dollar”

After completing the ascending structure at 1805.00, Gold is consolidating around this level. If later the price breaks this range to the downside, the market may resume trading downwards to reach 1791.33 or even 1777.17; if to the upside – form one more ascending structure with the target at 1819.55.

BTCUSD, “Bitcoin vs US Dollar”

After finishing the correction at 9260.00 and testing it from below, BTCUSD is expected to fall to break 9160.00. After that, the instrument may resume trading inside the downtrend with the target at 9000.00 or even 8700.00.

S&P 500

After the ascending structure towards 3185.0 and a gap up this morning, the S&P 500 Index is expected to reach 3240.4 and then fall to return to 3185.0, thus forming a new consolidating range between these two levels. If later the price breaks this range to the downside, the market may start a new correction with the target at 3111.1; if to the upside – form one more ascending structure towards 3300.3.

For a look at all of today’s economic events, check out our economic calendar.

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex

Disclaimer

Any predictions contained herein are based on the author’s particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.