Forex Technical Analysis & Forecast 21.12.2020
EURUSD, “Euro vs US Dollar”
After completing the descending wave at 1.2180 due to the gap this morning, EURUSD is expected to start another correction. Later, the market may return to 1.2180 to test it from below and then form a new descending structure with the target at 1.2163.
GBPUSD, “Great Britain Pound vs US Dollar”
After the gap this morning, GBPUSD is falling towards 1.3305. After that, the instrument may start another grow to test 1.3416 from below and then form a new descending structure as a correction with the target at 1.3230.
USDRUB, “US Dollar vs Russian Ruble”
USDRUB is trading not far from the upside border of the consolidation range. Possibly, today the pair may break 73.98 and grow towards 74.50. Later, the market may resume moving downwards with the target at 72.22.
USDJPY, “US Dollar vs Japanese Yen”
After finishing the ascending wave at 103.55, USDJPY is consolidating below this level. Today, the pair may expand the range up to 103.66. Later, the market may form a new descending structure with the target at 102.50.
USDCHF, “US Dollar vs Swiss Franc”
After returning to 0.8858, USDCHF is trading to break this level to the upside. Possibly, the pair may expand the range up to 0.8880. After that, the instrument may start another decline with the target at 0.8811.
AUDUSD, “Australian Dollar vs US Dollar”
AUDUSD is trading downwards. Possibly, the pair may reach 0.7560 and then form one more ascending structure to test 0.7595 from below. Later, the market may start a new decline with the target at 0.7550.
BRENT
After completing another ascending structure at 52.30 along with the correction towards 50.70, Brent is consolidating around the latter level. If later the price breaks this range to the downside; the market may form a new descending structure towards 49.20; if to the upside – start another growth with the target at 51.50.
XAUUSD, “Gold vs US Dollar”
After finishing the ascending wave at 1899.20, Gold is expected to form a new consolidation range near the highs. If later the price breaks this range to the downside, the market may resume trading downwards with the first target at 1848.50.
BTCUSD, “Bitcoin vs US Dollar”
After completing the ascending wave at 24250.00 along with the correction towards 23200.00, BTCUSD is expected to grow to reach 24300.00 and may return to 23200.00, thus forming a new consolidation range between two latter levels. If later the price breaks this range to the downside; the market may form a new descending structure to reach 22200.00; if to the upside – resume trading upwards with the target at 24700.00.
S&P 500
After finishing the ascending structure at 3733.0 along with the correction towards 3689.1, the S&P index is growing to reach 3750.6. After that, the instrument may start another correction towards 3700.0 and then form one more ascending structure with the target at 3765.0.