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Forex Technical Analysis & Forecast 24.07.2020

EURUSD, “Euro vs US Dollar”

EURUSD is consolidating around 1.1580; it has already expanded the range up to 1.1625. Possibly, today the pair may fall to test 1.1580 from above and then form one more ascending structure to complete this wave at 1.1654. Later, the market may correct with the target at 1.1400.

Forex Technical Analysis & Forecast 24.07.2020 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 consolidating around 1.2725. Today, the pair may test this level from above and then grow to complete this wave at 1.2800. After that, the instrument may start a new correction with the first downside target at 1.2640.

Forex Technical Analysis & Forecast 24.07.2020 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 ascending structure at 71.55, USDRUB is expected to continue growing towards 72.00, thus forming a Triangle pattern within this consolidation range. If the price breaks the channel to the downside, the market may form a new descending structure to break 70.70 and then continue trading downwards to reach 70.30 or even 69.00. However, if the asset grows and breaks 72.00, the instrument may resume growing with the target at 72.80.

Forex Technical Analysis & Forecast 24.07.2020 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 has completed the descending wave at 106.50. Possibly, today the pair may test 106.72 from below and then resume trading downwards with the first target at 106.30.

Forex Technical Analysis & Forecast 24.07.2020 USDJPY
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

USDCHF, “US Dollar vs Swiss Franc”

USDCHF continues falling. Possibly, the pair may start another decline to reach 0.9230 and then resume trading upwards as a correction with the target at 0.9320, at least.

Forex Technical Analysis & Forecast 24.07.2020 USDCHF
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD is falling towards 0.7042. After that, the instrument may correct to reach 0.7108 and then resume trading downwards with the first target at 0.6980.

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

BRENT

After completing the ascending structure at 45.00, Brent is falling towards 43.00 and may later grow to reach 44.00, thus forming a new consolidation range between these two levels. If the price breaks this range to the upside, the market may form one more ascending structure with the target at 46.60; if to the downside – start another correction towards 40.00.

Forex Technical Analysis & Forecast 24.07.2020 BRENT
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

XAUUSD, “Gold vs US Dollar”

After completing the descending impulse at 1880.00 along with the correction towards 1890.00, Gold is expected to start a new decline to break 1870.00. After that, the instrument may continue trading downwards with the target at 1846.00.

Forex Technical Analysis & Forecast 24.07.2020 GOLD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

BTCUSD, “Bitcoin vs US Dollar”

BTCUSD is consolidating around 9544.00. If later the price breaks this range to the upside at 9600.00, the market may resume trading upwards with the target at 10000.00; if to the downside at 9500.00 – form a new descending structure to reach 9260.00.

Forex Technical Analysis & Forecast 24.07.2020 BITCOIN
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

S&P 500

After completing the ascending wave at 3293.3, the S&P 500 Index is forming a new descending structure to reach 3200.0. After that, the instrument may start another growth with the target at 3245.8.

Forex Technical Analysis & Forecast 24.07.2020 S&P 500
Risk Warning: the result of previous trading operations do not guarantee the same results in the future


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