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Forex Technical Analysis & Forecast 31.07.2020

EURUSD, “Euro vs US Dollar”

After breaking 1.1800 to the upside and then reaching 1.1900, EURUSD is still trading upwards. Possibly, the pair may correct a little bit to reach 1.1861 and then form one more ascending structure towards 1.1950 or even 1.2000. However, if the price breaks the ascending channel to the downside, the market may start a more significant correction with the target at 1.1750.

Forex Technical Analysis & Forecast 31.07.2020 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”

After breaking 1.3000 and reaching 1.3111, GBPUSD is expected to continue growing towards 1.3200 or even 1.3288. After that, the instrument may start a new correction with the first target at 1.2976.

Forex Technical Analysis & Forecast 31.07.2020 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 breaking 72.66 to the upside, USDRUB is expected to continue growing towards 73.90 and may later fall to reach 72.17. After that, the instrument may start another growth towards 74.44 and then form a new descending structure with the target at 71.21.

Forex Technical Analysis & Forecast 31.07.2020 USDRUB
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

USDJPY, “US Dollar vs Japanese Yen”

After breaking 104.66 to the downside, USDJPY is expected to continue falling with the short-term target at 104.10. Later, the market may start a new correction to reach 105.12 and then resume trading downwards with the target at 103.30.

Forex Technical Analysis & Forecast 31.07.2020 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 has broken 0.9100 to the downside; right now, it is still falling. Today, the pair may reach 0.9050 and then start a new correction with the target at 0.9170.

Forex Technical Analysis & Forecast 31.07.2020 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 moving upwards. Possibly, the pair may reach 0.7252 and then start a new correction with the target at 0.7070.

Forex Technical Analysis & Forecast 31.07.2020 AUDUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

BRENT

After finishing another descending structure at 41.70 and then returning to 43.70, Brent may grow to break 44.30 to the upside and then continue trading upwards to reach 45.80. However, if the price breaks 42.70 to the downside, the market may form a new descending structure towards 41.00 and then start another growth with the target at 46.60.

Forex Technical Analysis & Forecast 31.07.2020 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 wave at 1941.41 along with the ascending structure towards 1960.56, Gold is consolidating around the latter level. If later the price breaks this range to the downside, the instrument may form a new descending structure to break 1941.00 and then continue falling with the target at 1901.50; if to the upside – resume trading upwards to reach 1980.40 or even 2000.00.

Forex Technical Analysis & Forecast 31.07.2020 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 still consolidating around 11000.00. Possibly, the asset may fall to break 10700.00 and then continue trading downwards with the short-term target at 10000.00 and then form one more ascending structure to return to 10700.00. However, if the price breaks the range to the upside, the instrument may resume growing to reach 11400.00 or even 11600.00.

Forex Technical Analysis & Forecast 31.07.2020 BITCOIN
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

S&P 500

After completing the descending wave at 320.4.5 and finishing the ascending structure at 3240.9, the S&P has tried to break 3264.8 and fix above this level; right now, the price is back inside the consolidation range. Possibly, the Index may fall towards the downside border of this range at 3200.0 to break it and then continue trading downwards to reach 3111.1. However, if the price grows to break 3279.0, the instrument may continue trading upwards with the target at 3335.0 or even 3400.0.

Forex Technical Analysis & Forecast 31.07.2020 S&P 500
Risk Warning: the result of previous trading operations do not guarantee the same results in the future


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