Forex Technical Analysis & Forecast 12.03.2020
EURUSD, “Euro vs US Dollar”
EURUSD continues forming the second descending impulse. Possibly, today the pair may form one more ascending structure towards 1.1355 and then start a new decline with the short-term target at 1.1233. After that, the instrument may correct to reach 1.1356 and then form the third descending impulse towards 1.1220.
GBPUSD, “Great Britain Pound vs US Dollar”
After failing to form a new ascending impulse from 1.2881, GBPUSD has broken this level to the downside. Possibly, the pair may reach 1.2794 and then return to 1.2881 to test it from below. Later, the market may resume falling with the target at 1.2683.
USDCHF, “US Dollar vs Swiss Franc”
USDCHF is consolidating around 0.9356. The main scenario implies that the pair may fall towards 0.9301 and finish the correction. Later, the market may start a new growth with the first target at 0.9430.
USDJPY, “US Dollar vs Japanese Yen”
USDJPY has finished the correctional wave at 103.18. Today, the pair may move upwards to break 104.47 and then continue growing with the target at 105.89.
AUDUSD, “Australian Dollar vs US Dollar”
After breaking 0.6484 downwards, AUDUSD is still falling. Possibly, the pair may reach 0.6429 and then return to 0.6484 to test it from below. Later, the market may resume trading downwards with the target at 0.6292.
USDRUB, “US Dollar vs Russian Ruble”
USDRUB is still consolidating around 72.04. Possibly, today the pair may expand the range up to 73.80 and then form a new descending structure with the short-term target at 68.68.
USDCAD, “US Dollar vs Canadian Dollar”
USDCAD has expanded the consolidation range up to 1.3819; right now, it is trading at the top of the ascending wave. Today, the pair may form a new descending structure to reach 1.3690. If later the price breaks this range to the upside at 1.3855, the market may resume trading inside the uptrend to reach 1.3950; if to the downside at 1.3600 – start a new correction with the target at 1.3300.
XAUUSD, “Gold vs US Dollar”
Gold has reached the predicted downside target at 1639.71. Possibly, today the pair may consolidate near the lows and form a new descending structure to reach 1626.57. After that, the instrument may start another growth with the target at 1650.20.
By finishing the ascending impulse towards 39.10 and completing the correction at 32.90, Brent has formed a new consolidation range near the lows. Today, the pair may form the second ascending impulse with the first target at 37.25. Later, the market may break this level and then continue growing towards 41.50. After that, the instrument may correct to return to 37.25. However, if the price falls and breaks 32.80, it may continue its decline to reach 31.00.
BTCUSD, “Bitcoin vs US Dollar”
BTCUSD is consolidating around 7785.00. The main scenario implies that the instrument may reach 7300.00 and then resume trading upwards to reach the upside border at 8300.00.