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Forex Technical Analysis & Forecast 08.10.2020

EURUSD, “Euro vs US Dollar”

After correcting towards 1.1776, EURUSD is consolidating below this level. If later the price breaks this range to the downside, the market may start a new decline to break 1.1717 and then continue falling with the short-term target at 1.1660; if to the upside – form one more ascending structure towards 1.1818 (an alternative scenario) and then resume trading downwards to reach the above-mentioned target.

Forex Technical Analysis & Forecast 08.10.2020 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 finishing the descending wave at 1.2846, GBPUSD has completed the correction towards 1.2925; right now, it is consolidating below this level. If later the price breaks this range to the downside, the market may form a new descending structure to break 1.2840 and then continue falling with the short-term target at 1.2738; if to the upside – start another growth towards 1.3000 (an alternative scenario) and then resume trading within the downtrend to reach the above-mentioned target.

Forex Technical Analysis & Forecast 08.10.2020 GBPUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

USDRUB, “US Dollar vs Russian Ruble”

USDRUB is still consolidating around 78.18 without any particular direction. Today, the pair may fall towards 77.39 and then start a new correction to return to 78.18. After that, the instrument may resume falling with the first target at 76.40.

Forex Technical Analysis & Forecast 08.10.2020 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 finishing the ascending structure at 106.00, USDJPY is consolidating around this level. Possibly, the pair may break the range to the downside to reach 105.00. and then form one more ascending structure to test 105.50 from below, thus forming a new consolidation range around 105.50. The main scenario implies that the price may break the range to the downside and resume trading downwards with the short-term target at 104.40.

Forex Technical Analysis & Forecast 08.10.2020 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 completed the correction at 0.9158, Today, the pair may start another growth to break 0.9180 and then continue trading upwards to reach 0.9211. Later, the market may form a new descending structure to return to 0.9180 and then resume growing with the first target at 0.9236.

Forex Technical Analysis & Forecast 08.10.2020 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 still correcting towards 0.7155. After that, the instrument may start a new decline to break 0.7103 and then continue trading downwards with the short-term target at 0.7050.

Forex Technical Analysis & Forecast 08.10.2020 AUDUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

BRENT

After finishing the descending structure at 41.50, Brent is forming one more ascending structure to reach 43.50. Later, the market may start a new correction to return to 41.50 and then resume growing with the first target at 44.22.

Forex Technical Analysis & Forecast 08.10.2020 BRENT
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

XAUUSD, “Gold vs US Dollar”

Gold is still consolidating around 1885.30. Possibly, the asset may fall to break 1873.10 and then continue trading downwards with the short-term target at 1848.00. Later, the market may start a new growth to return to 1873.00 and then resume falling to reach 1823.10.

Forex Technical Analysis & Forecast 08.10.2020 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 10600.00. According to the main scenario, the price is expected to fall towards 10340.00 and then return to 10600.00 to test it from below. After that, the instrument may resume trading within the downtrend to break 10100.00 and then continue falling with the target at 9600.00.

Forex Technical Analysis & Forecast 08.10.2020 BITCOIN
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

S&P 500

After finishing the ascending wave at 3396.6 and forming another consolidation range, the S&P index has broken it to the upside and may later form one more ascending structure to reach 3440.0 (an alternative scenario). The main scenario implies that the asset may start plummeting at any moment. The downside target is at 3300.0.

Forex Technical Analysis & Forecast 08.10.2020 S&P 500
Risk Warning: the result of previous trading operations do not guarantee the same results in the future


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