Forex Technical Analysis & Forecast for July 9, 2020

EURUSD, “Euro vs US Dollar”

After breaking 1.1300 to the upside, EURUSD may continue growing towards 1.1380. Later, the market may correct to reach 1.1280 and then resume trading inside the uptrend with the target at 1.1410.

EURUSD

GBPUSD, “Great Britain Pound vs US Dollar”

After breaking 1.2525 and finishing another ascending wave at 1.2626, GBPUSD is consolidating around the latter level. Possibly, the pair may expand this range up to 1.2646. However, if the price breaks 1.2600 to thttps://www.fxempire.com/currencies/gbp-usdhe downside, the instrument may continue trading downwards with the first target at 1.2440.

GBPUSD

USDRUB, “US Dollar vs Russian Ruble”

After completing the descending impulse at 71.05, USDRUB is consolidating above this level. Possibly, thehttps://www.fxempire.com/currencies/usd-rub pair may correct towards 71.67 and then form a new descending structure to break 71.00. After that, the instrument may continue trading downwards with the short-term target at 70.10.

USDRUB

USDJPY, “US Dollar vs Japanese Yen”

USDJPY has broken 107.40 to the downside; right now, it is still falling towards 106.99. Later, the market may correct to return to 107.40 and then form a new descending structure with the target at 106.60.

USDJPY

USDCHF, “US Dollar vs Swiss Franc”

After breaking 0.9383 to the downside, USDCHF is expected to continue falling towards 0.9333. After that, the instrument may form one more ascending structure to test 0.9383 from below and then resume trading inside the downtrend with the target at 0.9320.

USDCHF

AUDUSD, “Australian Dollar vs US Dollar”

After breaking 0.6971 to the upside, AUDUSD may choose an alternative scenario and form another ascending wave to reach 0.7017. Later, the market may start another decline towards 0.6972 and then resume growing with the target at 0.7023.

AUDUSD

BRENT

Brent is growing towards 43.90 and may later start a new correction to reach 42.50. After that, the instrument may resume moving upwards with the target at 45.02, at least.

BRENT

XAUUSD, “Gold vs US Dollar”

After reaching 1800.00 and forming an upside continuation pattern around this level, Gold has broken it upwards to extend the wave up to 1817.80; right now, it is falling to test 1801.90 from above and may later return to 1810.10, thus forming another consolidation range. If later the price breaks this range to the downside, the market may resume trading downwards with the target at 1780.00.

GOLD

BTCUSD, “Bitcoin vs US Dollar”

After breaking 9350.00 to the upside and expanding the range up to 9450.00, BTCUSD has returned to 9350.00 to test it from above. Later, the market may form one more ascending structure with the target at 9500.00 or even 9550.00.

BITCOIN

S&P 500

The Index is still consolidating around 3160.0. Possibly, today the air may expand the range up to 3200.5 and then down to 3120.5. If later the price breaks this range to the upside, the market may form one more ascending structure towards 3240.4; if to the downside – start a new correction with the target at 3050.5.

S&P 500

For a look at all of today’s economic events, check out our economic calendar.

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex


Disclaimer

Any predictions contained herein are based on the author’s particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

Forex Technical Analysis & Forecast for July 8, 2020

EUR/USD, “Euro vs US Dollar”

After breaking 1.1300 to the downside and starting a new correction towards 1.1250, EUR/USD has reached the short-term correctional target at 1.1260 and returned to test 1.1300 from below. Possibly, today the pair may form a new descending structure to reach 1.1250 and finish the correction. Later, the market may resume trading inside the uptrend with the target at 1.1380.

Изображение выглядит как внутренний, экран, сидит, телевидение Автоматически созданное описание

GBP/USD, “Great Britain Pound vs US Dollar”

GBP/USD has finished the ascending wave at 1.2580; right now, it is falling to reach 1.2515 and may later grow towards 1.2555, thus forming a new consolidation range. If later the price breaks this range to the downside, the market may resume trading downwards with the target at 1.2460.

Изображение выглядит как внутренний, экран, монитор, телевидение Автоматически созданное описание

USD/RUB, “US Dollar vs Russian Ruble”

After completing the ascending wave at 72.20, USD/RUB is about to finish the first descending impulse towards 71.20 and may later grow to reach 71.70, thus forming a new consolidation range between these levels. If later the price breaks this range to the downside, the market may form a new descending structure with the short-term target at 70.60.

Изображение выглядит как воздушный змей, сидит, большой, летит Автоматически созданное описание

USD/JPY, “US Dollar vs Japanese Yen”

USD/JPY is still consolidating around 107.50. Today, the pair may fall towards 107.40 and then start another growth to reach 107.80. Later, the market may form a new descending structure with the short-term target at 106.90.

Изображение выглядит как сидит, экран, компьютер, ноутбук Автоматически созданное описание

USD/CHF, “US Dollar vs Swiss Franc”

After finishing the ascending impulse at 0.95450 along with the correction towards 0.9415, USD/CHF is expected to form one more ascending structure to break 0.9460 and then continue trading upwards with the predicted short-term target at 0.9510. However, there might be an alternative scenario, which implies that the price may break 0.9410 to the downside and continue trading inside the downtrend to reach 0.9380.

Изображение выглядит как сидит, держит, мужчина, удаленный Автоматически созданное описание

AUD/USD, “Australian Dollar vs US Dollar”

AUD/USD is forming another descending wave to reach 0.6905, Later, the market may start another growth towards 0.6940 and then resume falling with the short-term target at 0.6860.

Изображение выглядит как внутренний, экран, телевидение, сидит Автоматически созданное описание

BRENT

Brent is still correcting towards 42.42 and may later form one more ascending structure to reach 43.80. After that, the instrument may start another decline to return to 42.42 and then resume moving upwards with the target at 45.02.

Изображение выглядит как ноутбук, сидит, компьютер, экран Автоматически созданное описание

XAU/USD, “Gold vs US Dollar”

After breaking 1786.00 to the upside, Gold is expected to test it from above and then continue growing with the short-term target at 1799.17. Later, the market may start a new correction to reach 1777.77 and then resume trading upwards with the target at 1800.00.

Изображение выглядит как сидит, темный, легкий, освещенный Автоматически созданное описание

BTC/USD, “Bitcoin vs US Dollar”

BTC/USD is falling towards 9126.00 and may later correct to reach 9250.00 thus forming a new consolidation range between these two levels. If later the price breaks this range to the upside, the market may form one more ascending structure with the target at 9550.00; if to the downside – resume trading inside the downtrend to reach 8700.00.

Изображение выглядит как внутренний, экран, сидит, ноутбук Автоматически созданное описание

S&P 500

After forming the consolidation range above 3160.0 and breaking it to the downside, the Index is expected to correct towards 3120.0. After that, the instrument may resume trading upwards with the target at 3240.3.

"Изображение

For a look at all of today’s economic events, check out our economic calendar.

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex


Disclaimer

Any predictions contained herein are based on the author’s particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

BTC Aims At Further Growth

On D1, the picture has not changed much since last week. The pair is trading at the upper border of the descending channel between 100.0% and 61.8% Fibo. The quotations keep declining inside the channel with a possible aim at 61.8% Fibo. The MACD histogram remains below zero, which also signals a further decline. The signal lines of the indicator have formed a Black Cross, which is yet another signal of going down.

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Автоматически созданное описание

On H4, the perspectives are quite different from those on D1. The pair keeps trading under 38.2% Fibo; the quotations remain under the horizontal resistance level. A decline currently looks more probable than growth; the aim is at 0.0% Fibo. The Stochastic is pushed towards the overbought area by a weak impulse, which means buyers are losing power. If a Black Cross forms in the overbought area, this will be yet another signal of further decline.

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Автоматически созданное описание

There has been much news about the BTC rate these days, however, it has little influence on the behavior of the leading cryptocurrency. Nonetheless, there is one thing that may attract investors 0 if the story ever continues.

The Inner Mongolia Autonomous Region of China has encountered an increased risk of bubonic plague epidemics. The region has implemented the third level of epidemiological threat, which means hunt has been band, and the population must report any cases of suspected plague or fever.

Why should this be of interest to BTC investors? The thing is that many mining farms and production of mining equipment are situated right in China. The percentage of Chinese miners in the overall number of miners in the world remains high. So, if someone starts buying or selling the BTC massively here, the crypto market will definitely notice it.

The risk of a new virus from China potentially means the closing of mining farms. The good news is that such enterprises work rather autonomous, so there has to be a really serious reason for closing them, and there are no such reasons yet.

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex


Disclaimer

Any predictions contained herein are based on the author’s particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

Forex Technical Analysis & Forecast for July 7, 2020

EUR/USD, “Euro vs US Dollar”

After breaking 1.1300, EUR/USD is consolidating above it. If later the price breaks this range to the downside, the market may start a new correction towards 1.1250; if to the upside – resume trading inside the uptrend with the short-term target at 1.1380.

Изображение выглядит как экран, сидит, монитор, компьютер Автоматически созданное описание

GBP/USD, “Great Britain Pound vs US Dollar”

GBPUSD has broken 1.2490 to the upside; right now, it is still consolidating above it. If later the price breaks this range to the upside, the market may form one more ascending structure with the target at 1.2545; if to the downside – start another correction to reach 1.2435.

Изображение выглядит как монитор, экран, сидит, ноутбук Автоматически созданное описание

USD/RUB, “US Dollar vs Russian Ruble”

USDRUB is falling towards 71.11 and may later grow to reach 71.55, thus forming a new consolidation range between these levels. If later the price breaks this range to the downside, the market may form a new descending structure with the target at 69.69; if to the upside – resume trading inside the uptrend to reach 72.15.

Изображение выглядит как сидит, экран, держит Автоматически созданное описание

USD/JPY, “US Dollar vs Japanese Yen”

After breaking 107.41, USDJPY is consolidating below this level. Possibly, the pair may fall with the short-term target at 107.07 and then start another growth to return to 107.07 and test it from below. Later, the market may form a new descending structure with the target at 106.60.

Изображение выглядит как сидит, компьютер, часы, счетчик Автоматически созданное описание

USD/CHF, “US Dollar vs Swiss Franc”

After reaching its downside target at 0.9387, USDCHF is correcting towards 0.9425. After that, the instrument may fall to reach 0.9404, thus forming a new consolidation range. If later the price breaks this range to the upside, the market may form one more ascending structure with the target at 0.9470; if to the downside – resume trading inside the downtrend to reach 0.9330.

Изображение выглядит как сидит, стол, маленький, компьютер Автоматически созданное описание

AUD/USD, “Australian Dollar vs US Dollar”

AUDUSD has completed the ascending wave at 0.6990; right now, it is moving downwards to break 0.6949. Later, the market may continue falling with the target at 0.6900.

Изображение выглядит как экран, монитор, сидит, компьютер Автоматически созданное описание

BRENT

Brent is trading around 43.00. Today, the pair may expand the range up to 43.80 and then fall to reach 42.48. After that, the instrument may start another growth with the target at 45.05.

Изображение выглядит как внутренний, ноутбук, сидит, компьютер Автоматически созданное описание

XAU/USD, “Gold vs US Dollar”

After completing the ascending structure at 1786.90, Gold is expected to fall to test 1777.00 from above. After that, the instrument may grow to break 1787.77 and then continue trading upwards with the target at 1799.19 or even 1800.00. Later, the market may form a new descending wave to reach 1750.00.

Изображение выглядит как сидит, ноутбук, компьютер, экран Автоматически созданное описание

BTC/USD, “Bitcoin vs US Dollar”

After finishing the ascending impulse at 9126.00 and breaking it to the upside, BTCUSD has reached 9350.00; right now, it is falling towards 9245.00 and may later grow to reach 9300.00, thus forming a new consolidation range between these two levels. If later the price breaks this range to the upside, the market may form one more ascending structure with the target at 9550.00; if to the downside – resume trading inside the downtrend to reach 8700.00.

Изображение выглядит как экран, монитор, сидит, телевидение Автоматически созданное описание

S&P 500

After breaking 3166.5 to the upside, the Index is consolidating above it. Possibly, today the asset may reach 3200.5 and then correct towards 3120.0. After that, the instrument may resume trading upwards with the target at 3240.5.

Изображение выглядит как экран, сидит, монитор, компьютер Автоматически созданное описание

For a look at all of today’s economic events, check out our economic calendar.

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex


Disclaimer

Any predictions contained herein are based on the author’s particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

Gold Got Inside Flat

Here and now, market players are finally paying enough attention to the macroeconomic: expectations from China are quite positive as the country’s economy is anticipated to recover faster and stronger than other countries. This, in its turn, slows down investors’ interest in “safe haven” assets, including Gold.

However, it’s clearly seen that strategically investors are in no hurry to ditch their long-term positions in Gold, and it’s understandably why. The COVID-19 hasn’t been defeated yet, and that’s a risk. Global economies are still experiencing the crisis, and that’s a risk too. The American Dollar may remain under pressure for a long time, and that’s good for Gold.

All this taken together creates strategic support for the price of Gold, that’s why there are no rapid decisions to sell the instrument.

As we can see in the H4 chart, XAU/USD is trading to break 1778.86 to the upside and may later continue growing towards 1800.00. Later, the market may start a new correction to return to 1778.00 and then form one more ascending structure with the target at 1818.20. From the technical point of view, this scenario is confirmed by MACD Oscillator: its signal line is moving above 0, thus indicating further uptrend on the price chart.

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Автоматически созданное описание

In the H1 chart, XAU/USD is growing towards 1778.80. After reaching this level, the pair may form a new consolidation range and then break it to the upside. In this case, the pair may continue growing with the short-term target of another ascending wave at 1786.50. From the technical point of view, this scenario is confirmed by Stochastic Oscillator: its signal line is moving directly upwards, thus confirming further uptrend until the line breaks 80. After that, there might be a correction on the price chart, while the line is expected to fall towards 50.

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex


Disclaimer

Any predictions contained herein are based on the author’s particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

Forex Technical Analysis & Forecast for July 6, 2020

EUR/USD, “Euro vs US Dollar”

EUR/USD is moving upwards. Possibly, the pair may reach 1.1290 and then start a new correction towards 1.1262. After that, the instrument may form one more ascending structure with the target at 1.1305 and then start another correction to return to 1.1262.

Изображение выглядит как сидит, экран, цветной, играет

Автоматически созданное описание

GBP/USD, “Great Britain Pound vs US Dollar”

GBP/USD is trading upwards to break 1.2485 and may later continue growing towards 1.2512. Later, the market may correct to return to 1.2485 and then start another growth to reach 1.2533. After that, the instrument may resume falling inside the downtrend with the target at 1.2424.

Изображение выглядит как внутренний, экран, монитор, ноутбук

Автоматически созданное описание

USD/RUB, “US Dollar vs Russian Ruble”

After completing another ascending structure towards 71.66, which may be considered as the third wave to the upside, USD/RUB is expected to correct to reach 70.00, at least. After that, the instrument may resume growing with the target at 72.12.

Изображение выглядит как сидит, экран, ноутбук, держит

Автоматически созданное описание

USD/JPY, “US Dollar vs Japanese Yen”

USD/JPY is consolidating around 107.57. Today, the pair may grow to reach 107.81 and then start a new decline to return to 107.57. If later the price breaks this range to the upside the market may form one more ascending structure with the target at 108.01 or even 108.22.

Изображение выглядит как игра

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USD/CHF, “US Dollar vs Swiss Franc”

USD/CHF is moving close to the downside border of the range. Possibly, today the pair may form another ascending wave towards 0.9450. After that, the instrument may fall to break 0.9430 and then continue trading downwards with the target at 0.9387.

Изображение выглядит как внутренний, сидит, компьютер, ноутбук

Автоматически созданное описание

AUD/USD, “Australian Dollar vs US Dollar”

AUD/USD is moving upwards; it has already broken 0.6945 to the upside. Possibly, the pair may test this level from above and then form another ascending structure with the target at 0.6988 or even 0.7000.

Изображение выглядит как внутренний, ноутбук, экран, компьютер

Автоматически созданное описание

BRENT

Brent is trading upwards and may reach 43.80. Later, the market may correct to reach 42.44 and then start another growth towards 45.20 to complete this ascending wave. After that, the instrument may start another correction with the first target at 41.50.

XAU/USD, “Gold vs US Dollar”

Gold is still consolidating around 1777.00. Today, the pair may test 1768.15 from above and then resume trading upwards with the short-term target at 1786.00 or even 1798.00.

Изображение выглядит как экран, компьютер

Автоматически созданное описание

BTC/USD, “Bitcoin vs US Dollar”

After finishing the descending impulse at 8900.00, BTC/USD is still consolidating and growing towards 9100.00. If later the price breaks this range to the upside, the market may form one more ascending structure with the target at 9550.00; if to the downside at 0.9490 – resume trading inside the downtrend to reach 8700.00.

Изображение выглядит как сидит, экран, монитор, телевидение

Автоматически созданное описание

S&P 500

The Index is moving upwards. Possibly, the asset may reach 3200.4 and then correct towards 3119.0. After that, the instrument may resume trading upwards with the short-term target at 3240.3.

Изображение выглядит как экран, сидит, компьютер, монитор

Автоматически созданное описание

For a look at all of today’s economic events, check out our economic calendar.

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex


Disclaimer

Any predictions contained herein are based on the author’s particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

XRP Stuck In A Flat

On Friday, July 3rd, the XRP cryptocurrency remains within a flat, trading at 0.1762 USD. It has a chance to escape it but needs a bright driver.

On D1, XRP/USD does not demonstrate bright volatility, remaining in a flat. It is currently trading at 23.6% Fibo. If the cryptocurrency breaks it away, it may reach the next level of 0.0%. Growth may be now regarded as a minor correction inside a descending channel. The MACD histogram keeps trading below zero, giving an additional signal of further development of the downtrend. The aim of the decline is at 0,1455 USD.

On H4, the pair keeps moving sideways inside a descending channel. It is now trading in a range between 23.6% and 0.0% Fibo. A breakaway of zero will mean a further decline. The Stochastic is forming a Golden Cross, which predicts a short-term correction inside the overall downtrend. The pullback will aim at 23.6% Fibo.

Ripple unblocked another package of tokens

A couple of days ago, Ripple unblocked another package of tokens, i.e. it sent 1 billion XRP to the market. The unblocking went in two stages, 500 million of tokens each. This way the company attracts money for financing its projects and startups it is interested in directly or indirectly. Unblocking happens on the first day of each month, and Ripple has pretty many tokens in stock.

This year is not too good for Ripple. In the first quarter, the company sold tokens per 1.75 million USD. This 86% less than in the fourth quarter of 2019 when Ripple sold the XRP per 13.08 million USD. However, if we look at the preceding results, the end of 2019 was neither too positive. In the third quarter of 2019, Ripple sold tokens per 251.51 million USD. Compared to this result, the latest ones look disappointing, indeed.

This week, the attention of the Twitter bot has been attracted to a transaction sized 5.3 million USD, or 30 million XRP. The transaction was made from a Ripple wallet to an anonymous one. For some reason, the market is sure that this is the same wallet that used to receive large sums earlier. For example, there were pretty many such transactions in June: for example, per 30 million XRP on June 2nd, 40 million on June 8th, 20 million on June 25th, and more.

It is hard to figure out the character of these transactions. They could be inner transactions of Ripple, however, if so, the anonymity of the receiving wallet remains suspicious.

Disclaimer

Any predictions contained herein are based on the author’s particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

For a look at all of today’s economic events, check out our economic calendar.

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex

Forex Technical Analysis & Forecast for July 2, 2020

EUR/USD, “Euro vs US Dollar”

After completing the descending structure at 1.1184, EUR/USD is growing towards 1.1287, thus forming a new consolidation range around 1.1240. After reaching 1.1287, the instrument may start another decline with the target at 1.1204.

Изображение выглядит как сидит, монитор, экран, маленький Автоматически созданное описание

GBP/USD, “Great Britain Pound vs US Dollar”

After forming another consolidation range around 1.2373 and breaking it upwards, GBP/USD continues growing to reach 1.2500. Today, the pair may reach it and then resume trading downwards to break 1.2408. Later, the market may continue falling inside the downtrend with the target at 1.2319.

Изображение выглядит как сидит, монитор, компьютер, экран Автоматически созданное описание

USD/RUB, “US Dollar vs Russian Ruble”

USD/RUB is still trading downwards to reach 69.96. After that, the instrument may resume trading upwards to break 70.50 and then continue growing with the target at 72.00. However, if the price falls and breaks 69.90 to the downside, the market may continue moving inside the downtrend to reach 68.00.

Изображение выглядит как внутренний, экран, монитор, телевидение Автоматически созданное описание

USD/JPY, “US Dollar vs Japanese Yen”

The market may form a new descending structure with the first downside target at 106.80; if to the upside – resume trading upwards to reach 108.20 and then start a new decline with the above-mentioned target.

USD/CHF, “US Dollar vs Swiss Franc”

After completing the descending wave at 0.9444, USD/CHF is forming another consolidation range not far from the lows. If later the price breaks this range to the downside at 0.9440, the market may continue the correction with the target at 0.9400; if to the upside at 0.9490 – resume trading upwards to reach 0.9540.

Изображение выглядит как счетчик, компьютер Автоматически созданное описание

AUD/USD, “Australian Dollar vs US Dollar”

AUD/USD has formed the consolidation range around 0.6902. If later the price breaks this range to the upside, the market may form another ascending structure with the target at 0.6971; if to the downside – resume trading downwards to reach 0.6783.

Изображение выглядит как экран, сидит, монитор, компьютер Автоматически созданное описание

BRENT

Brent is consolidating around 41.70. Possibly, today the pair may trade upwards to reach 43.80 and then fall to return to 41.70. Later, the market may continue growing with the target at 45.20.

Изображение выглядит как сидит, ноутбук, стол, компьютер Автоматически созданное описание

XAU/USD, “Gold vs US Dollar”

Gold is back to consolidating around 1770.00. If later the price breaks this range to the downside at 1750.00, the market may form a new descending structure with the target at 1734.34; if to the upside at 1778.50 – resume trading upwards to reach 1795.00.

Изображение выглядит как сидит, зеленый, держит, играет Автоматически созданное описание

BTC/USD, “Bitcoin vs US Dollar”

After finishing the ascending structure at 9280.00, BTC/USD is expected to start a new decline to break 9000.00. Later, the market may continue trading downwards with the target at 8700.00. And that’s just a half of another descending wave.

Изображение выглядит как сидит, экран, компьютер, темный Автоматически созданное описание

S&P 500

The Index is still consolidating around 3076.0 without any particular direction. Today, the pair may form one more ascending structure to reach 3150.5 and then resume trading inside the downtrend with the target at 3076.0.

Изображение выглядит как сидит, цветной, стол, большой Автоматически созданное описание

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex


Disclaimer

Any predictions contained herein are based on the author’s particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

 

Forex Technical Analysis & Forecast for July 1, 2020

EUR/USD, “Euro vs US Dollar”

After completing another correctional structure at 1.1260, EUR/USD is falling towards 1.1215. Possibly, today the pair may reach this level and then form a new consolidation range around it. If later the price breaks this range to the downside, the market may continue trading downwards with the short-term target at 1.1170. After that, the instrument may correct to test 1.1215 from below and then form a new descending structure to reach 1.1144.

Изображение выглядит как экран, монитор, телевидение, сидит

Автоматически созданное описание

GBP/USD, “Great Britain Pound vs US Dollar”

After breaking 1.2300 upwards, GBP/USD has completed another ascending wave at 1.2370, which may be considered as a correction. Today, the pair may consolidate around 1.2370. If later the price breaks this range to the downside at 1.2350, the market may resume trading downwards to break 1.2300 and then continue falling inside the downtrend with the target at 1.2200.

Изображение выглядит как ноутбук, компьютер, экран, сидит

Автоматически созданное описание

USD/RUB, “US Dollar vs Russian Ruble”

After extending the ascending structure up to 71.31, USD/RUB is expected to correct towards 69.69. After that, the instrument may resume trading upwards to reach 71.81 and then start another decline with the target at 68.00.

Изображение выглядит как экран, сидит, большой, монитор

Автоматически созданное описание

USD/JPY, “US Dollar vs Japanese Yen”

After reaching another upside target at 108.15, USD/JPY is expected to fall towards 107.50. Later, the market may form one more ascending structure to reach 108.22, thus forming the third ascending wave within the correction.

Изображение выглядит как воздушный змей, цветной, играет, держит

Автоматически созданное описание

USD/CHF, “US Dollar vs Swiss Franc”

After forming another consolidation range around 0.9515 and breaking it to the downside, USD/CHF has reached 0.9460; right now, it is forming a new range above this level. Possibly, the pair may resume trading upwards to break 0.9540 and then continue growing within the uptrend with the target at 0.9660.

Изображение выглядит как компьютер, звезда

Автоматически созданное описание

AUD/USD, “Australian Dollar vs US Dollar”

After rebounding from 0.6832, AUD/USD has completed the ascending structure at 0.6900. Today, the pair may start a new decline to break 0.6850 and then continue trading downwards with the target at 0.6787.

Изображение выглядит как сидит, экран, передний, ноутбук

Автоматически созданное описание

BRENT

Brent is consolidating around 40.70 within a Triangle pattern. Possibly, today the pair may test 40.70 from above, rebound from it, and then resume trading upwards to break 42.20. Later, the market may continue growing with the target at 43.80. However, there might be another scenario, according to which the price may break 40.70 to the downside and then continue the correction to reach 37.70.

Изображение выглядит как сидит, ноутбук, компьютер, стол

Автоматически созданное описание

XAU/USD, “Gold vs US Dollar”

After breaking 1775.00, Gold has reached 1785.50. Today, the pair may form a new descending structure to return to 1775.50 and then start another growth with the target at 1791.55 or even 1800.00.

Изображение выглядит как сидит, часы, счетчик

Автоматически созданное описание

BTC/USD, “Bitcoin vs US Dollar”

BTC/USD is still consolidating around 9100.00. Possibly, today the pair may start another growth to reach 9280.00 and then resume trading downwards with the target at 8700.00. Later, the market may correct towards 9200.00..

Изображение выглядит как сидит, экран, компьютер, ноутбук

Автоматически созданное описание

S&P 500

After attempting to break 3076.0 to the upside, the Index is expected to continue growing towards 3145.5 or even 3233.3. After that, the instrument may resume trading inside the downtrend with the target at 3075.5.

Изображение выглядит как сидит, экран, большой, играет

Автоматически созданное описание

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex


Disclaimer

Any predictions contained herein are based on the author’s particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

Oil Looking Down Again

Investors are pretty nervous because of monitoring the number of new COVID-19 cases. First of all, we’re talking about the USA, and it is reviving fears and concerns about the second wave of the coronavirus pandemic. Market players are really afraid of new outbreaks because a possible new wave of the disease may transform into something much more serious and make all the efforts put into stabilizing the global economy useless. If the world is flooded with the second wave, the demand for energies may go down and, as a result, commodity prices may plunge as well.

In the USA, potentially dangerous places right now are Texas, Florida, and Los Angeles.

The latest data from Baker Hughes showed another decline in the number of rigs in the USA. For example, since the beginning of the year, the number of oil rigs has dropped by 70%. Over the last week, the total number of rigs (both oil and gas) lost 1 unit and now equals 265. It’s the lowest number since May 2009.

Stay tuned to the RoboForex Blog for exclusive financial forecasts, professional expert analysis, how-to articles and more.

In the H4 chart, after finishing the descending impulse at 40.00 and the correction towards 41.74, Brent is expected to consolidate between these two levels. Possibly, the pair may form a Triangle pattern. If later the price breaks this range to the downside, the market may resume moving within the downtrend to reach 39.00 or even deeper, 37.00; if to the upside – form one more ascending structure towards 43.00 or even 45.20. From the technical point of view, this scenario is confirmed by MACD Oscillator: its signal line is moving below 0, thus implying a further decline of the price chart towards 39.00. However, if the line rises and breaks 0, the price chart may start rising to reach 43.00.

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Автоматически созданное описание

As we can see in the H1 chart, after breaking 40.00 to the downside, Brent is expected to fall with the short-term target at 39.00 and then start a new correction to test 39.50 from below. After that, the instrument may start a new decline to reach 37.00. However, this scenario may no longer be valid if the market grows towards 41.90. In this case, the asset may continue trading upwards to reach 43.00. From the technical point of view, this idea is confirmed by Stochastic Oscillator: its signal line is rising directly towards 50. If the line breaks this level, it may continue its ascending movement towards 80.

Изображение выглядит как карта, текст

Автоматически созданное описание

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex


Disclaimer

Any predictions contained herein are based on the author’s particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

Forex Technical Analysis & Forecast for June 25, 2020

EUR/USD, “Euro vs US Dollar”

EUR/USD continues falling with the predicted target at 1.1181. After that, the instrument may correct towards 1.1244 and then may form a new descending structure to reach 1.1144.

Изображение выглядит как телевидение, монитор, сидит, черный

Автоматически созданное описание

GBP/USD, “Great Britain Pound vs US Dollar”

GBPUSD is trading downwards with the predicted target at 1.2280. Later, the market may start another correction towards 1.2411 and then resume falling to reach 1.2277.

Изображение выглядит как внутренний, сидит, черный, ноутбук

Автоматически созданное описание

USD/RUB, “US Dollar vs Russian Ruble”

USD/RUB is moving upwards. Possibly, the pair may reach 69.60 and then fall towards 69.25. After that, the instrument may form one more ascending structure with the target at 70.00 and then start a new correction.

Изображение выглядит как сидит, монитор, черный, экран

Автоматически созданное описание

USD/JPY, “US Dollar vs Japanese Yen”

After finishing the ascending wave at 107.25 without any corrections, USD/JPY is consolidating around 107.15. Possibly, today the pair may continue growing to reach 107.88 and then start another correction to return to 107.25. Later, the market may resume trading upwards with the target at 108.20.

Изображение выглядит как сидит, компьютер, играет, держит

Автоматически созданное описание

USD/CHF, “US Dollar vs Swiss Franc”

After reaching the upside target at 0.9475, USD/CHF is consolidating around this level. Today, the pair may break this range to the upside and reach 0.9515. Later, the market may correct to return to 0.9475 and then trading upwards with the first target at 0.9530.

Изображение выглядит как сидит, экран, монитор, черный

Автоматически созданное описание

AUD/USD, “Australian Dollar vs US Dollar”

AUD/USD is falling towards 0.6818. After that, the instrument may start a new correction to reach 0.6895 and then resume trading downwards with the target at 0.6800.

Изображение выглядит как внутренний, экран, сидит, монитор

Автоматически созданное описание

BRENT Oil

Brent has completed the descending wave at 40.00; right now, it is consolidating above this level. Possibly, the pair may grow towards 42.58 and then fall to reach 41.20, thus forming a new consolidation range between these two levels. If later the price breaks this range to the upside, the market may resume growing towards 45.00; if to the downside – continue the descending correction with the target at 36.70.

Изображение выглядит как внутренний, сидит, ноутбук, экран

Автоматически созданное описание

XAU/USD, “Gold vs US Dollar”

Gold is falling towards 1752.00. Later, the market may grow to reach 1765.00 and then fall towards 1750.00. Later, the market may form one more ascending structure to return to 1765.00.

Изображение выглядит как сидит, черный, белый, легкий

Автоматически созданное описание

BTC/USD, “Bitcoin vs US Dollar”

BTC/USD is falling; it has already broken 9240.00. Possibly, the pair may continue forming the third descending wave with the target at 8700.00.

Изображение выглядит как черный, сидит, экран, висит

Автоматически созданное описание

S&P 500

The Index is falling; it has already broken 3060.0. Possibly, today the pair may form a continuation pattern below this level. The short-term target is at 2960.5. After that, the instrument may form one more ascending structure towards 3050.5 and then resume trading downwards with the target at 2955.5.

Изображение выглядит как экран, монитор, черный, сидит

Автоматически созданное описание

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex


Disclaimer

Any predictions contained herein are based on the author’s particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

Forex Technical Analysis & Forecast for June 24, 2020

EUR/USD, “Euro vs US Dollar”

After breaking 1.1280 to the upside and then reaching 1.1345, EUR/USD has finished the descending impulse at 1.1300 along with the correction towards 1.1325. Possibly, today the pair may form a new descending structure to reach 1.1260 and then resume continue trading upwards with the target at 1.1350.

Изображение выглядит как сидит, черный, экран, телевидение

Автоматически созданное описание

GBP/USD, “Great Britain Pound vs US Dollar”

After expanding the consolidation range up to 1.2540, GBP/USD is trading downwards to reach 1.2420. After that, the instrument may start another growth towards 1.2482, thus forming another consolidation range between the two latter levels. If later the price breaks this range to the downside, the market may resume falling with the target at 1.2277.

Изображение выглядит как сидит, черный, компьютер, монитор

Автоматически созданное описание

USD/RUB, “US Dollar vs Russian Ruble”

USD/RUB is still falling towards 68.40. After that, the instrument may correct to reach 69.20 and then resume trading downwards with the target at 67.80.

Изображение выглядит как сидит, черный, легкий, ноутбук

Автоматически созданное описание

USD/JPY, “US Dollar vs Japanese Yen”

After finishing the descending wave at 106.06, USD/JPY has completed the ascending impulse towards 106.55; right now, it is consolidating around this level. Possibly, the pair may continue growing to reach 106.90 and then fall towards 106.50. Later, the market may resume trading upwards with the target at 107.25.

Изображение выглядит как сидит, легкий, компьютер, экран

Автоматически созданное описание

USD/CHF, “US Dollar vs Swiss Franc”

After reaching the downside target at 0.9420, USD/CHF has completed the ascending impulse towards 0.9453 along with the correction at 0.9435, thus forming a new consolidation range between these two levels. If later the price breaks this range to the upside, the market may resume growing towards 0.9550; if to the downside – form a new descending structure with the target at 0.9419.

Изображение выглядит как объект, сидит, компьютер, экран

Автоматически созданное описание

AUD/USD, “Australian Dollar vs US Dollar”

After completing the ascending wave at 0.6975, AUD/USD has finished the descending impulse towards 0.6923 along with the correction at 0.6960, thus forming a new consolidation range between these two levels. If later the price breaks this range to the upside, the market may form one more ascending structure towards 0.7022; if to the downside – resume trading downwards with the target at 0.6800.

Изображение выглядит как сидит, экран, легкий, ноутбук

Автоматически созданное описание

BRENT

Brent has completed the ascending wave towards 43.90; right now, it is falling to reach 41.37. Later, the market may start another growth towards 42.60 and then form a new descending structure with the target at 40.30.

Изображение выглядит как ноутбук, сидит, компьютер, легкий

Автоматически созданное описание

XAU/USD, “Gold vs US Dollar”

After breaking 1763.00 to the upside, Gold is expected to continue growing towards 1776.20. Later, the market may fall to return to 1763.00 and then form one more ascending structure with the target at 1800.00.

Изображение выглядит как сидит, черный, компьютер, белый

Автоматически созданное описание

BTC/USD, “Bitcoin vs US Dollar”

BTCUSD is consolidating around 9600.00. Possibly, the pair may fall towards 9500.00 and then form one more ascending structure to reach 9850.00. After that, the instrument may resume falling inside the downtrend with the target at 9500.00.

Изображение выглядит как сидит, черный, экран, легкий

Автоматически созданное описание

S&P 500

The Index is still consolidating around 3114.0. Possibly, today the pair may grow to reach 3165.5 and then fall to return to 3114.0. If later the price breaks this range to the downside, the market may resume trading downwards to reach 2958.5; if to the upside – form one more ascending structure with the target at 3233.3.

Изображение выглядит как экран, телевидение, монитор, черный

Автоматически созданное описание

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex


Disclaimer

Any predictions contained herein are based on the author’s particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

Forex Technical Analysis & Forecast for June 23, 2020

EUR/USD, “Euro vs US Dollar”

After completing the ascending structure at 1.1255, EUR/USD is consolidating around this level. Possibly, today the pair may grow to reach 1.1310 and then fall to break 1.1200. Later, the market may continue trading downwards with the target at 1.1100.

EURUSD

GBP/USD, “Great Britain Pound vs US Dollar”

After finishing the correction at 1.2500, GBP/USD is consolidating below this level. If later the price breaks this range to the upside to 1.2500, the market may continue the correction towards 1.2545; if to the downside at 1.2440 – form a new descending structure with the target at 1.2380.

GBPUSD

USD/RUB, “US Dollar vs Russian Ruble”

USD/RUB is falling towards 69.01. After that, the instrument may correct to reach 69.49 and then resume trading downwards with the target at 68.40.

USDRUB

USD/JPY, “US Dollar vs Japanese Yen”

USD/JPY has completed the ascending structure at 107.20. Today, the pair may fall towards 106.95 and then start another growth to reach 107.25, thus forming a new consolidation range. Later, the market may break the range to the upside and resume trading upwards with the target at 108.20.

USDJPY

USD/CHF, “US Dollar vs Swiss Franc”

USD/CHF is still correcting towards 0.9450. After that, the instrument may form one more ascending structure to break 0.9500 and then continue trading upwards with the target at 0.9550.

USDCHF

AUD/USD, “Australian Dollar vs US Dollar”

After completing the ascending wave at 0.6915, AUD/USD is expected to consolidate around it. If later the price breaks this range to the downside, the market may resume trading downwards to reach 0.6780; if to the upside – form one more ascending structure with the target at 0.6975.

AUDUSD

BRENT

Brent continues forming the ascending wave towards 43.43. Later, the market may start a new correction towards with the first target at 41.65 and then resume growing to reach 42.50.

BRENT

XAU/USD, “Gold vs US Dollar”

After finishing the ascending wave at 1762.50, Gold has completed the descending impulse towards 1747.50, thus forming a new consolidation range between these two levels. If later the price breaks this range to the downside, the market may correct to reach 1735.65; if to the upside – form one more ascending structure with the target at 1800.00.

GOLD

BTC/USD, “Bitcoin vs US Dollar”

After finishing the ascending structure at 9700.0, BTC/USD is expected to start a new decline to break 9255.00 and then continue falling inside the downtrend with the target at 8800.00

BITCOIN

S&P 500

After returning to 3115.5, the Index is still consolidating around this level. If later the price breaks this range to the downside at 3060.5, the market may resume trading downwards to reach 2958.6; if to the upside at 3150.0 – form one more ascending structure with the target at 3235.5.

S&P 500

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex


Disclaimer

Any predictions contained herein are based on the author’s particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

Euro Strengthened Too Much

Moody’s kept the long-term rating of the USA at AAA “stable” and said that the US economic security was self-explanatory, while the USD was and would be the strongest global currency. This statement should have supported the American currency but it didn’t happen.

However, it appears that market players are still in the mood for risks, that’s why their interest in the USD as a “safe haven” asset is rather low.

In addition to that, investors were very closely watching the press conference by the US Fed Chairman Jerome Powell, who said the American economy would undoubtedly recover but it would take much time. However, markets don’t like to wait, that’s why his words are counting against the USD.

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As we can see in the H4 chart, EUR/USD is moving inside the descending channel. It should be noted that earlier the pair broke 1.1222 and formed a downside continuation pattern. At the moment, the price is trying to correct and return to 1.1222. After that, the instrument may fall to reach the target of the third descending wave at 1.1100.

Later, the market may correct to test 1.1222 from below and then resume trading downwards to reach 1.1000. From the technical point of view, this scenario is confirmed by MACD Oscillator: its signal line is falling under 0 in the histogram area. After the price reaches 1.1100, the line may leave the area and grow towards 0.

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Автоматически созданное описание

In the H1 chart, EUR/USD is correcting towards 1.1222 and may later fall to reach 1.1170, thus forming a new consolidation range between these two levels. If later the price breaks 1.1170 to the downside, the market may resume the downtrend with the short-term target at 1.1100. From the technical point of view, this scenario is confirmed by Stochastic Oscillator: its signal line is moving above 80, thus implying completion of the correction and further decline towards 50 or even 20. After the line breaks 50, the price chart may boost its decline.

Изображение выглядит как текст, карта

Автоматически созданное описание

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex


Disclaimer

Any predictions contained herein are based on the author’s particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

Sales in Oil Are Not Letting Up

The key thing that triggered these sales in the instrument is investors’ concerns about the slow growth of the demand for commodities – not as active as expected. These concerns only got worse after the American report on the new cases of the COVID-19 showed kind of the start of the second wave. There was an upsurge in the number of new cases after the country had seen flattening of the curve, which really made people think about a new wave of the outbreak. If so, it is a serious threat to the oil price demand recovery.

Apart from this, the oil had a technical reason for a correction after a flashy growth before. The “black gold” really seemed “overbought” and one “spark” was enough to start a correction.

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In the H4 chart, Brent is moving within the downtrend towards 37.00. Later, the market may correct to the upside to reach 39.55 and then form one more descending wave with the target at 35.80. From the technical point of view, this scenario is confirmed by MACD Oscillator: its signal line is moving below 0, thus implying further decline of the price chart towards the above-mentioned target.

Изображение выглядит как текст, карта

Автоматически созданное описание

As we can see in the H1 chart, Brent has broken 38.00 to the downside. Possibly, the pair may fall with the short-term target at 37.00. After that, the instrument may start a new correction to test 39.70 from below. Later the market may form one more descending wave to return to 37.00. From the technical point of view, this scenario is confirmed by Stochastic Oscillator: its signal line is mo0ving below 20. In the future, the line is expected to grow to reach 50, fall to return to 20, and then start a new rising movement towards 80.

Изображение выглядит как текст, карта

Автоматически созданное описание

For a look at all of today’s economic events, check out our economic calendar.

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex

Disclaimer

Any predictions contained herein are based on the author’s particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

Oil Controlled by Good News

During the OPEC+ meeting that took place on Saturday, the cartel’s ministers agreed to expand the low oil output period for another month. It means that the oil production decline by 9.7 million bpd will continue until the end of July. During the second half of 2020, starting from August, the decline is expected to be 7.7 million bpd, while from January to and including April 2021 – 5.8 million bpd.

We remind you that the basis for the agreement wase production parameters of October 2018, excluding Saudi Arabia and Russia, whose baseline was 11 million bpd. This is the reason why the number varies for different countries.

This information is making the oil price rise. However, even with all things considered investors ignore the fact that Saudi Arabia raised prices for all buyers in July.

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In the H4 chart, Brent is moving within the uptrend towards 43.43. Later, the market may correct to the downside to reach 38.70 and then form one more ascending wave with the target at 47.50. From the technical point of view, this scenario is confirmed by MACD Oscillator: its signal line is moving above 0; it has entered the histogram and is currently growing steadily.

Изображение выглядит как текст, карта Автоматически созданное описание

As we can see in the H1 chart, Brent has broken 42.00 to the upside and may test this level from above. After that, the instrument may grow with the short-term target at 43.43 and then start a new correction to reach 38.70. Later the market may form one more ascending wave inside the uptrend towards 43.00. From the technical point of view, this scenario is confirmed by Stochastic Oscillator: its signal line is rebounding from 80 and is expected to correct towards 50. After that, the line is expected to resume moving to return to 80.

Изображение выглядит как текст, карта Автоматически созданное описание

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex


Disclaimer

Any predictions contained herein are based on the author’s particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

Pound Is Still Afraid of Brexit

The Brexit negotiators got into another “ambush”, where their dialog stopped. The United Kingdom earlier announced that in order to agree on the trade deal with the European Union, the parties had to resolve fundamental contradictions. In June, the British Prime Minister Boris Johnson will personally chair the talks and one can be absolutely sure that they will be more aggressive and energetic.

London insists that all topical issues must be decided during the transition period, because the extension of the period will impose additional obligations on the United Kingdom, including financial.

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As we can see in the H4 chart, GBP/USD is forming the structure of the fifth ascending wave towards 1.2450. Possibly, after reaching this level, the pair may correct towards 1.2262 and then grow towards 1.2360, thus forming a new consolidation range between these two levels. If later the price breaks the range to the downside, the market may resume trading downwards to reach 1.2200; if to the upside – start another growth with the target at 1.2490. From the technical point of view, this scenario is confirmed by MACD Oscillator: its signal line is moving inside the histogram area, which implies further growth. Only after the line leaves the area, one may consider a new correction on the price chart.

Изображение выглядит как карта, текст Автоматически созданное описание

In the H1 chart, GBP/USD also continues forming the fifth ascending wave. By now, it has reached the short-term target of this wave at 1.2400. Possibly, the pair may correct towards 1.2325 and then grow to complete the wave at 1.2450. After that, the instrument may resume falling to return to 1.2325. From the technical point of view, this scenario is confirmed by Stochastic Oscillator: its signal line is falling to break 50. After that, the line may continue moving to reach 20 and then start a new rising movement towards 80.

Изображение выглядит как текст, карта Автоматически созданное описание

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex


Disclaimer

Any predictions contained herein are based on the authors’ particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

Gold Under Pressure

On one hand, investors are pretty inspired by the opportunity that quarantine restrictions may be removed in the near future. In this case, the most positive country is Japan, which is ready to cancel the status of emergency in five regions of the country ahead of the schedule. This positive moment indicates that the coronavirus pandemic is slowing down.

On the other hand, Gold can’t correct too much because there is a growing opportunity of another geopolitical conflict between the USA and China due to a new security law, which may interfere with the rights and freedom of the Hong Kong population. Risks are increasing as the White House may start to get involved in the situation.

Physical demand for Gold is rather moderate so far – this aspect provides neither support no risks.

Stay tuned to the RoboForex Blog for exclusive financial forecasts, professional expert analysis, how-to articles and more.

As we can see in the H4 chart, XAU/USD is forming a wide consolidation range around 1737.00; right now, it is trading below this level and may continue falling towards 1710.10 as a correction. In general, the pair is forming a Flag pattern. After reaching the above-mentioned level, the price may start a new growth to reach 1800.00.

From the technical point of view, this scenario is confirmed by MACD Oscillator: its signal line has broken 0 to the downside and is steadily moving within the negative histogram area, thus indicating further decline on the price chart. If the line leaves the area, the correction may be over.

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Автоматически созданное описание

In the H1 chart, after breaking 1730.00 downwards, XAU/USD is still falling; right now, it is trading to break the consolidation range at 1723.70 to the downside. Possibly, the pair may correct towards 1727.70 and then resume trading downwards to break 1715.00. Later, the market may continue moving inside the downtrend to reach 1710.10. From the technical point of view, this scenario is confirmed by Stochastic Oscillator: its signal line is moving to rebound from 20 upwards and then reach 50 again. After rebounding from 50 downwards, the line may return to 20.

Изображение выглядит как текст, карта, легкий, улица

Автоматически созданное описание

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex


Disclaimer

Any predictions contained herein are based on the authors’ particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

EUR/USD Stuck Inside Flat

The US Federal Reserve Chairman Jerome Powell spoke earlier this morning and said that the country’s GDP might lose up to 30% in the second quarter of 2020, while the Unemployment Rate is expected to reach 25%. At the same time, he believes that such huge negative numbers won’t result in a protracted crisis, because the country’s economy gets a lot of support from all angles.

The US government is planning to support households and the economy for a long time, from 3 to 6 months according to Powell, to help them overcome the consequences of the Covid-19 pandemic. Actually, this support might as well continue until the end of the year.

The US economy is expected to recover slowly – no one says anything about upsurge because the country’s population will need time to regain its feet. For the American Dollar, this news is moderately negative.

In the H4 chart, after completing the correction at 1.0836, EUR/USD is forming another descending wave towards 1.0777. Possibly, the pair may break this level and then continue forming the third descending wave to reach 1.0700. Later, the market may correct to return to 1.0777 for a test from below and then resume trading inside the downtrend with the target at 1.0600. From the technical point of view, this scenario is confirmed by MACD Oscillator: its signal line is moving below 0. Considering that the market may yet continue downtrend, the line also expected to continue moving downwards.

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Автоматически созданное описание

As we can see in the H1 chart, the pair has completed the descending impulse at 1.0803 along with the correction towards 1.0827. Possibly, today the price may fall to return to 1.0803 and break it to the downside. After that, the instrument may form a new descending structure with the target at 1.0777. From the technical point of view, this scenario is confirmed by Stochastic Oscillator: its signal line is moving to break 80 and may continue falling to reach 50. Later, the line may break 50 as well, thus boosting the price chart decline.

Изображение выглядит как текст, карта

Автоматически созданное описание

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex


Disclaimer

Any predictions contained herein are based on the authors’ particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

Oil Is Suffering from Market Risks Again

Global demand for oil remains weak and that’s quite normal. However, global supply isn’t going down and that’s a major risk. Last week, US Department of Energy reported a solid growth in oil stocks, up to 518.6 million barrels, which is pretty close to the highest reading of 2017, whine the indicator was equal to 535 million.

As one can see, the existence of the OPEC+ agreement and commitment of Texan oil producers to reduce the oil extraction are not enough to calm investors down. As long as the fundamental background, demand in other words, is far from reaching stability, the commodity market will remain very volatile.

Most likely, this week will bring another wave of volatility in oil – the economic calendar is full of important reports.

Stay tuned to the RoboForex Blog for exclusive financial forecasts, professional expert analysis, how-to articles and more.

In the H4 chart, after finishing the first rising impulse at 25.00, Brent is consolidating around this level. Considering the fact that the instrument has broken the descending channel, the main scenario implies that the price may continue the ascending wave towards 35.50.

However, this scenario may no longer be valid if the pair breaks 23.60 to the downside. From the technical point of view, this scenario is confirmed by MACD Oscillator: its signal line is moving to break 0 to the upside, thus indicating further growth inside the uptrend on the price chart.

Изображение выглядит как текст, карта

Автоматически созданное описание

As we can see in the H1 chart, after finishing the ascending impulse at 25.00 and forming the consolidation range between 23.60 and then 26.55, Brent has completed another descending structure to return to 23.60. Today, the pair may grow to return to 25.00. If the price falls and breaks 23.60, the instrument may correct towards 21.00.

However, if the price grows and breaks 26.55, the instrument may continue trading upwards inside the third ascending wave to reach 31.05 and then start a new correction to return to 26.55. From the technical point of view, this scenario is confirmed by Stochastic Oscillator: its signal line is rebounding from 20. Later, the line is expected to grow towards 50 and break it, thus boosting the uptrend.

Изображение выглядит как текст, карта

Автоматически созданное описание

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex


Disclaimer

Any predictions contained herein are based on the authors’ particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.