Forex Technical Analysis & Forecast

Forex Technical Analysis & Forecast

Dmitriy Gurkovskiy  | Sep 11, 2020 10:27

The currency pair is developing a downtrend, correcting the preceding medium-term uptrend. Yesterday the market demonstrated an inner pullback after a convergence on the MACD, setting the borders of a new descending channel; however, today the quotations are returning to the support level at 1.1798 that they have already tested. In the short term, the quotations have a chance to rise again to the resistance line and 1.1900 but after that, they will decline to break away 1.1798 and proceed deeper down to 1.1700.
The currency pair is developing a stable downtrend, correcting the preceding medium-term wave of growth. By now, the quotations have stepped over 50.0% Fibo, heading for 61.8% (1.2712). Meanwhile, the MACD lines are converging, which means a potential pullback. The first aim will be 1.2937 and the second aim - 1.3010.
The currency pair keeps developing a wave of decline after a divergence. The main goal of the decline is the support line of the medium-term channel and 74.00. In the short term, the market is preparing a breakaway of the local resistance line and growth to 75.45. After the pullback, the quotations may develop another impulse of decline to the main aim.
The currency pair is still squeezed in a Triangle but may soon find a way out. A breakaway of the resistance at 106.22 will let the quotations rise to the medium-term resistance level and 106.64. A breakaway of the support level at 105.95, in its turn, will let the downtrend develop to 105.60.
Oil is developing a downtrend after a divergence and a breakaway of the support level. The quotations are nearing 23.6% (39.28). The short-term technical picture demonstrates a correctional channel forming after a wave of decline. A bounce off the support level of the correctional channel will let the quotations rise to 41.76 and later - to 43.61. After the pullback is over, wwe should expect another impulse of decline to 37.00.
Gold rests in a medium-term downtrend. Yesterday, the market completed a wave of ascending pullback, breaking away the local support line. The aim of the nearest decline is 1927.60. A breakaway of this level will let the quotations test the support level of the medium-term channel and 1895.45. To confirm this, the MACD is preparing a Black Cross.
The quotations remain in a correctional flat between the resistance and support levels of 10495 and 9834, respectively. In the short term, we should expect a decline to the lower border. A breakaway of the support will let the quotations decline to the main and long-term support line at 9348.

Dmitriy Gurkovskiy

Latest comments

Add a Comment
Please wait a minute before you try to comment again.
Shamsideen Mohammed
Shamsideen Mohammed

the analysis seems to be great... good job  ... (Read More)

Sep 13, 2020 20:47 GMT· Reply
Write a reply...
Please wait a minute before you try to comment again.

Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

English (USA) English (India) English (Canada) English (Australia) English (South Africa) English (Philippines) English (Nigeria) Deutsch Español (España) Español (México) Français Italiano Nederlands Português (Portugal) Polski Português (Brasil) Русский Türkçe ‏العربية‏ Ελληνικά Svenska Suomi עברית 日本語 한국어 简体中文 繁體中文 Bahasa Indonesia Bahasa Melayu ไทย Tiếng Việt हिंदी
Sign out
Are you sure you want to sign out?
Saving Changes


Download the App

Get free real time quotes, charts and alerts on stocks, indices, currencies, commodities and bonds. Get free top of the line technical analysis/predictors. is better on the App!

More content, faster quotes and charts, and a smoother experience is available only on the App.