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21 August 2020

Forex technical analysis and forecast: Majors, equities and commodities

EUR/USD, “Euro vs US Dollar”

After finishing the descending wave at 1.1900 and then forming a new consolidation range around this level, EURUSD has broken it to the downside to reach 1.1835; this entire structure may be considered as the third wave. Today, the pair may consolidate above this level for a while and then break it to the upside to test 1.1888 from below. After that, the instrument may form the fifth structure of this descending wave with the first target at 1.1810.

USD/JPY, “US Dollar vs Japanese Yen”

After completing the ascending structure at 106.00, USDJPY is expected to fall towards 105.60. Later, the market may start another growth with the target at 106.25. This entire wave may be considered as a correction to the upside.

AUD/USD, “Australian Dollar vs US Dollar”

AUDUSD is still falling towards 0.7147. Later, the market may form one more ascending impulse to reach 0.7215 and then resume trading downwards with the short-term target at 0.7070.

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