rfxsignals May 7, 2020 No Comments

Forex Technical Analysis & Forecast 07.05.2020

07.05.2020

EURUSD, “Euro vs US Dollar”

After completing the descending wave at 1.0800, EURUSD is consolidating around this level. Possibly, the pair may expand the range down to 1.0750 and then resume growing to break 1.0825. After that, the instrument may start a new correction towards 1.0880. However, if the price breaks the downside border, the market is expected to continue falling with the target at 1.0700.

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 still forming the descending wave. Possibly, today the pair may reach 1.2301 and then form one more ascending structure towards 1.2391. Later, the market may resume trading downwards with the target at 1.2150.

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 finishing the correction at 75.00, USDRUB is falling to break 73.50. After that, the instrument may continue trading downwards with the short-term target at 72.50 and then form a new consolidation range. Later, the market may break the range to the downside and continue its decline with the target at 71.30.

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

USDJPY, “US Dollar vs Japanese Yen”

USDJPY continues falling to reach 105.95. After that, the instrument is expected to correct towards 106.41 and then resume trading downwards with the target at 105.33.

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 reaching 0.9750 to the upside, USDCHF is consolidating around 0.9730. Possibly, the pair may expand the range up to 0.9780 and then form a new descending structure to return to 0.9730. Later, the market may start another growth with the target at 0.9880.

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

AUDUSD, “Australian Dollar vs US Dollar”

After completing another descending structure at 0.6384, AUDUSD has returned to 0.6418. Today, the pair may continue falling towards 0.6363 and complete this descending wave. After that, the instrument may form one more ascending correction with the target at 0.6480.

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

BRENT

In the case of Brent, the correction continues. After falling and reaching 29.00, the asset is consolidating above this level. According to the main scenario, the price is expected to fall towards 28.65 and then grow to return to 29.00. After that, the instrument may form a new descending structure to test 27.00 from above and then resume trading upwards with the target at 38.18.

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

XAUUSD, “Gold vs US Dollar”

After failing to fix above 1700.00 and breaking this level upwards, Gold has reached 1681.60; right now, it is forming another ascending structure towards 1695.05. After that, the instrument may resume falling to reach 1680.90 and then resume growing with the target at 1700.90.

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

BTCUSD, “Bitcoin vs US Dollar”

After completing another descending structure at 9140.00, BTCUSD is growing towards 9524.00. After that, the instrument may correct to reach 9142.00 and then resume trading upwards with the target at 9800.00.

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

S&P 500

The Index is consolidating around 2878.1. Possibly, today the pair may expand the range up to 2900.5 and then resume falling to break 2798.1. Later, the market may continue the correction 2691.4.

S&P 500
Risk Warning: the result of previous trading operations do not guarantee the same results in the future