Forex Technical Analysis & Forecast 11.02.2021
EURUSD, “Euro vs US Dollar”
EURUSD continues consolidating. Possibly, today the pair may break the range to reach 1.2088 and then start another growth towards 1.2155. Later, the market may form a new descending structure to break 1.2055 and then continue trading downwards with the target at 1.1944.
GBPUSD, “Great Britain Pound vs US Dollar”
GBPUSD is still consolidating around 1.3820. Possibly, the pair may break the range to reach 1.3760 and then start another growth towards 1.3810, thus forming a reversal pattern there. After that, the instrument may break 1.3760 to the downside and then continue trading downwards with the target at 1.3500.
USDRUB, “US Dollar vs Russian Ruble”
USDRUB has completed the descending wave at 73.63. Today, the pair may consolidate not far from this level. If later the price breaks this range to the downside, the market may resume falling with the short-term target at 71.50; if to the upside – start a new correction to reach 75.00.
USDJPY, “US Dollar vs Japanese Yen”
USDJPY has completed the descending wave at 104.40; right now, it is consolidating around this level. If later the price breaks this range to the downside, the market may start a new decline towards 103.30; if to the upside – form one more ascending structure with the target at 105.00.
USDCHF, “US Dollar vs Swiss Franc”
USDCHF has reached its downside target at 0.8903. Today, the pair may consolidate around this level. After that, the instrument may break the range to the upside and then form one more ascending structure with the target at 0.8970.
AUDUSD, “Australian Dollar vs US Dollar”
AUDUSD has finished the ascending wave at 0.7755; right now, it is consolidating below this level. Possibly, the pair may break the range to the downside and then resume trading downwards with the target at 0.7655.
BRENT
Brent is still consolidating around 61.00. Today, the asset may grow to reach 61.77 and then start a new correction towards 60.00. Later, the market may form one more ascending structure with the target at 62.50.
XAUUSD, “Gold vs US Dollar”
Gold is still consolidating around 1840.00. Today, the metal may break the range to the downside and start a new correction towards 1823.50. Later, the market may form one more ascending structure to reach 1860.70 and then resume falling with the target at 1823.00.
BTCUSD, “Bitcoin vs US Dollar”
After breaking 45100.00 to the downside, BTCUSD is expected to continue falling towards 38800.00. After that, the instrument may return to 45100.00 and test it from below.
S&P 500
After completing the correctional structure at 3883.0, the S&P index is consolidating above it. If later the price breaks this range to the downside, the market may start a new correction towards 3822.0; if to the upside – form one more ascending structure with the target at 3950.2.