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Forex Technical Analysis & Forecast 17.12.2020

EURUSD, “Euro vs US Dollar”

After completing the ascending wave at 1.2200 and then returning to 1.2130, EURUSD is growing again to reach 1.2222. Later, the market may start a new correction with the closest target at 1.2180.

Forex Technical Analysis & Forecast 17.12.2020 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 forming a new consolidation range around 1.3430 and breaking it to the upside, GBPUSD has reached the target at 1.3550; right now, it is consolidating below the latter level. If later the price breaks this range to the downside; the market may form a new descending structure towards 1.3419; if to the upside – resume trading upwards to reach 1.3620 and then start another decline with the target at 1.3300.

Forex Technical Analysis & Forecast 17.12.2020 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 73.37. Possibly, the pair may expand the range up to 73.90 and then resume moving downwards with the target at 72.20.

Forex Technical Analysis & Forecast 17.12.2020 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 descending wave at 103.30 along with the correction towards 103.90, USDJPY is falling to return to 103.30. Later, the market may break the latter level and then continue trading downwards with the key target at 102.50.

Forex Technical Analysis & Forecast 17.12.2020 USDJPY
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

USDCHF, “US Dollar vs Swiss Franc”

After completing the descending wave at 0.8830 along with the correction towards 0.8880, USDCHF is forming another descending structure to reach 0.8811. After that, the instrument may start a new growth with the first target at 0.8900.

Forex Technical Analysis & Forecast 17.12.2020 USDCHF
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

AUDUSD, “Australian Dollar vs US Dollar”

After finishing the ascending wave at 0.7577 along with the correction towards 0.7538, AUDUSD is growing to reach 0.7585. After that, the instrument may start consolidating near the highs. If later the price breaks this range to the upside, the market may extend this wave up to 0.7618; if to the downside – resume moving downwards with the target at 0.7500.

Forex Technical Analysis & Forecast 17.12.2020 AUDUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

BRENT

After completing another ascending structure at 51.51, Brent is consolidating near the highs. Possibly, today the asset may grow to reach 51.75 and then form a new descending structure with the target at 50.33.

Forex Technical Analysis & Forecast 17.12.2020 BRENT
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

XAUUSD, “Gold vs US Dollar”

After finishing the correction at 1848.55, Gold is growing towards 1874.70. After that, the instrument may form a new descending structure to reach 1860.00 and then resume trading upwards with the target at 1890.00.

Forex Technical Analysis & Forecast 17.12.2020 GOLD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

BTCUSD, “Bitcoin vs US Dollar”

In the H1 chart of BTCUSD, one can see two consolidation ranges, around 19200.00 and 20700.00, which have been followed by breakouts to the upside and further uptrend towards 20700.00 and 22100.00 respectively. Today, the cryptocurrency may form another consolidation range around the latter level. If later the price breaks it to the downside, the market may start a new correction to return to 20700.00 and then form one more ascending structure with the target at 22400.00.

Forex Technical Analysis & Forecast 17.12.2020 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 structure at 3701.9, the S&P index is forming a new consolidation range around this level. If later the price breaks this range to the upside; the market may form one more ascending structure towards 3742.5; if to the downside – start another correction with the target at 3660.6.

Forex Technical Analysis & Forecast 17.12.2020 S&P 500
Risk Warning: the result of previous trading operations do not guarantee the same results in the future


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