Forex technical analysis and forecast

Forex technical analysis and forecast: Majors, equities and commodities

EUR/USD, “Euro vs US Dollar”

Having broken 1.0186 downwards, EURUSD is expected to continue falling towards 1.0122 and may later start another growth to return to 1.0186. After that, the instrument may resume trading downwards with the target at 1.0120, or even extend this structure down to 1.0080.

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

GBP/USD continues forming the descending wave towards 1.1970. Later, the market may start another growth with the first target at 1.2187.

USD/JPY, “US Dollar vs Japanese Yen”

USD/JPY is growing towards 135.74. After that, the instrument may start a new decline with the target at 129.50.

USD/CHF, “US Dollar vs Swiss Franc”

Having completed the ascending wave at 0.9630, USDCHF is consolidating around this level. If later the price breaks this range to the downside, the market may start another correction towards 0.9555; if to the upside – form one more ascending structure with the target at 0.9725.

AUD/USD, “Australian Dollar vs US Dollar”

AUDUSD has finished the descending wave at 0.6888; right now, it is correcting upwards. After that, the instrument may resume falling with the short-term target at 0.6814.

Brent

Brent is still consolidating around 96.90. Today, the asset may expand the range down to 93.00. Later, the market may grow towards 98.88 and then resume trading downwards with the target at 92.50.

XAU/USD, “Gold vs US Dollar”

Gold is still correcting down to 1751.30. After that, the instrument may resume trading upwards with the target at 1822.00.

S&P 500

The S&P index is consolidating above 4110.0. Possibly, today the asset may grow towards 4211.0. Later, the market may resume trading downwards to break 4070.0 and then continue falling with the first target at 3923.4.

Murrey math lines: EUR/USD, GBP/USD

EUR/USD, “Euro vs US Dollar”

In the H4 chart, EURUSD is trading below the 200-day Moving Average, thus indicating a descending tendency. In this case, the price is expected to test 2/8, break it, and then continue falling to reach the support at 1/8. Still, this scenario may no longer be valid if the price breaks 3/8 to the upside. After that, the instrument may reverse and return to the resistance at 4/8.

As we can see in the M15 chart, the pair has broken the downside line of the VoltyChannel indicator and, as a result, may continue trading downwards.

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

In the H4 chart, after breaking the 200-day Moving Average, GBPUSD is trading below it to indicate a possible descending tendency. In this case, the price is expected to break 3/8 and continue falling to reach the support at 2/8. However, this scenario may no longer be valid if the price breaks the resistance at 3/8 to the upside. After that, the instrument may reverse and grow towards 4/8.

As we can see in the M15 chart, the pair has broken the downside line of the VoltyChannel indicator and, as a result, may continue its decline.

Ichimoku cloud analysis: GBP/USD, XAU/USD, USD/CAD

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

GBP/USD is rebounding from Tenkan-Sen and Kijun-Sen. The instrument is currently moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test Kijun-Sen at 1.2115 and then resume moving downwards to reach 1.1765. Another signal in favour of a further downtrend will be a rebound from the descending channel’s upside border. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 1.2205. In this case, the pair may continue growing towards 1.2305. To confirm a further downtrend, the price must break the bullish channel’s downside border and fix below 1.1955.

XAU/USD, “Gold vs US Dollar”

XAU/USD is testing Kijun-Sen. The instrument is currently moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test Kijun-Sen at 1755.00 and then resume moving upwards to reach 1825.00. Another signal in favour of a further uptrend will be a rebound from the rising channel’s downside border. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 1725.00. In this case, the pair may continue falling towards 1685.00.

USD/CAD, “US Dollar vs Canadian Dollar”

USD/CAD is correcting within the bullish channel. The instrument is currently moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test Kijun-Sen at 1.2905 and then resume moving upwards to reach 1.3110. Another signal in favour of a further uptrend will be a rebound from the rising channel’s downside border. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 1.2795. In this case, the pair may continue falling towards 1.2695. To confirm a further uptrend, the price must break the bearish channel’s upside border and fix above 1.3065.