Forex Technical Analysis & Forecast for July 16, 2020
EURUSD, “Euro vs US Dollar”
EURUSD is falling towards 1.1385 and may later correct to reach 1.1416. After that, the instrument may form a new descending structure with the first target at 1.1340.
GBPUSD, “Great Britain Pound vs US Dollar”
GBPUSD is trading downwards to reach 1.2539 and may later correct towards 1.2591. Later, the market may start a new decline with the target at 1.2454.
USDRUB, “US Dollar vs Russian Ruble”
USDRUB is falling to break 70.60. Possibly, today the pair may break this level and then continue trading downwards with the target at 69.96. Later, the market may form one more ascending structure to test 70.50 from below and then start a new decline with the target at 69.80.
USDJPY, “US Dollar vs Japanese Yen”
USDJPY has completed the descending structure at 106.86; right now, it is consolidating around this level. Possibly, today the pair may expand the range up to 107.12 and then resume falling with the short-term target at 106.55.
USDCHF, “US Dollar vs Swiss Franc”
After finishing the ascending impulse at 0.9444, USDCHF is consolidating around this level; this entire movement is considered as an upside continuation pattern. If later the price breaks this range to the upside, the market may resume trading upwards with the short-term target at 0.9517.
AUDUSD, “Australian Dollar vs US Dollar”
AUDUSD is falling towards 0.6981 and may later grow to reach 0.0.7009. Later, the market may resume trading downwards with the target at 0.6922.
Brent has broken 43.50 to the upside; right now, it is still consolidating around this level. Possibly, the pair may break the range and grow with the short-term target at 45.00, After that, the instrument may start a new correction to return to 43.50 and then form one more ascending structure to reach 45.55.
XAUUSD, “Gold vs US Dollar”
Gold is still consolidating above 1804.00. Possibly, the pair may break the range to the upside and reach 1819.55. Later, the market may start another correction with the target at 1752.00.
BTCUSD, “Bitcoin vs US Dollar”
After finishing the descending wave at 9150.00, BTCUSD is correcting towards 9210.00. After that, the instrument may resume falling to break 9000.00 and then continue trading inside the downtrend with the target at 8700.00.
After completing the ascending wave at 3240.5, the S&P 500 Index is falling towards 3200.0. Later, the market may resume trading upwards to reach 3220.4 and then start a new decline to break 3184.5. After that, the instrument may continue falling with the target at 3111.1.
For a look at all of today’s economic events, check out our economic calendar.
By Dmitriy Gurkovskiy, Chief Analyst at RoboForex
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.