Forex Technical Analysis & Forecast 19.05.2020
EURUSD, “Euro vs US Dollar”
After expanding the consolidation range up to 1.0850 and forming an upside continuation pattern, EURUSD has reached 1.0924. Possibly, today the pair may form another consolidation range at the current highs. If later the price breaks 1.0898, the market may continue falling with the target at 1.0852.
GBPUSD, “Great Britain Pound vs US Dollar”
After returning to 1.2200, GBPUSD is consolidating around this level. If later the price breaks this range to the upside, the market may resume trading upwards to reach 1.2320; if to the downside – form a new descending structure with the target at 1.2080.
USDRUB, “US Dollar vs Russian Ruble”
USDRUB continues falling towards 72.50. Possibly, the pair may reach it and then start another correction towards 74.00. Later, the market may resume trading inside the downtrend with the target at 71.30.
USDJPY, “US Dollar vs Japanese Yen”
USDJPY is growing towards 107.50. After reaching it, the instrument may fall towards 107.10 and then resume trading upwards to reach 107.40, thus forming a new consolidation range between these two levels.
USDCHF, “US Dollar vs Swiss Franc”
After finishing the ascending impulse at 0.9750 along with the correction towards 0.9712, USDCHF is expected to grow to reach 0.9728 and then fall towards 0.9716, thus forming a new consolidation range between these two levels. If later the price breaks this range to the upside, the market may resume trading upwards to reach 0.9790; if to the downside – start another correction with the target at 0.9660.
AUDUSD, “Australian Dollar vs US Dollar”
After completing the ascending wave at 0.6550, AUDUSD is falling to reach 0.6466. Later, the market may start a new correction with the target at 0.6508.
BRENT
After reaching 35.83, Brent is consolidating above this level. Possibly, the pair may correct towards 32.90 and then start another growth with the target at 39.30.
XAUUSD, “Gold vs US Dollar”
After finishing the correction at 1730.00, Gold is trading upwards to reach 1748.45 and may later start another decline towards 1737.15, thus forming a new consolidation range between these two levels. After breaking the range to the upside, the instrument may form one more ascending structure with the target at 1773.15.
BTCUSD, “Bitcoin vs US Dollar”
BTCUSD is correcting towards 9400.00. Later, the market may start another growth to break 9900.00 and then continue trading upwards with the target at 10100.00.
S&P 500
The Index has finished the ascending structure at 2969.2. The main scenario implies that the price may correct towards 2895.0 and then form one more ascending structure to reach 3012.8.