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Market review 05 August 2020

04 August 2020

Forex technical analysis and forecast: Majors, equities and commodities

EUR/USD, “Euro vs US Dollar”

After reaching 1.1900 and then finishing the descending impulse at 1.1760, EURUSD is consolidating near these lows. If later the price breaks this range to the downside, the instrument may form a new descending structure to reach 1.1690; if to the upside – resume trading upwards with the target at 1.1850.

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

After breaking 1.3060 to the upside and reaching 1.3173, GBPUSD has finished the descending impulse towards 1.3086. Today, the pair may consolidate around the later level. Possibly, the price may break the range to the downside and fall towards 1.3010. After that, the instrument may start a new correction to return to 1.3086.

USD/JPY, “US Dollar vs Japanese Yen”

After finishing the ascending impulse at 105.80, USDJPY is consolidating around this level. Possibly, the pair may fall to break 105.60 and then continue trading downwards with the target at 105.00. However, if the price breaks the range to the upside at 106.30, the market may start another growth to reach 107.40.

XAU/USD, “Gold vs US Dollar”

After completing another ascending wave at 1990.50, Gold is correcting to reach 1960.60, at least. After that, the instrument may grow to break 1990.60 and then continue trading upwards with the target at 2012.20. However, if the price rebounds from 1990.60 to the downside and then breaks 1960.60, the instrument may start a new correction towards 1902.20.

S&P 500

After rebounding from 3222.2 the S&P index is moving upwards; right now, it is not far from the upside border of the range at 3280.0. If the price breaks the border, the instrument may continue trading upwards with the short-term target at 3345.5.

https://www.fxstreet.com/analysis/forex-technical-analysis-and-forecast-majors-equities-and-commodities-202008030741

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