09/21/2020

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Forex technical analysis and forecast 05/20/2020

EURUSD today forex analysis and forecast 05/20/2020

EURUSD yesterday could not fully develop the upward movement and reached only one target level. But yesterday’s maximum made it possible to form a new upward channel on H4, which today will help us. Now the pair is trading in the range between the levels of 1.0921 and 1.0949. If the price goes out of the range upward, the target may be the lower border of the channel near the level of 1.0977 and then already within the channel – the level of 1.1004. But a more likely scenario today is a decline of the pair to the levels of 1.0898 and 1.0881.

GBPUSD today forex analysis and forecast 05/20/2020

GBPUSD did not reach the second upper target level, which we set yesterday, and now has found a balance in the range between the levels of 1.2248 and 1.2269. The short-term triangle on H1 looks interesting enough. The pound can use its lower border near the level of 1.2261 as a support for the upward movement to levels 1.2290 and 1.2324. However, as the main scenario today, we will consider the pair moving out of the triangle towards the downside with possible targets near the levels of 1.2227 and 1.2190.

USDCHF today forex analysis and forecast 05/20/2020

USDCHF continues to work out a large triangle on D1, and its lower border at 0.9698 has shown itself to be quite strong support. Therefore, today, as the main scenario, we will consider the price rebound from the levels of 0.9698-0.9695 upward with possible targets near the levels of 0.9731 and 0.9751. If the price manages to break through the lower border of the triangle towards the downside, then we will look for possible targets near the levels of 0.9676 and 0.9662.

USDJPY today forex analysis and forecast 05/20/2020

USDJPY broke through the upper border of the downward channel on D1, but could not gain a foothold above the level of 108.00. At night the pair also rolled back from the level of 108.00 and now expects the opening of the European trading session near the level of 107.80. Thus, the further movement of the pair upwards is limited, and we will seriously consider this option only after the yen gets a foothold above the level of 108.08. As the main scenario for today, we will plan the correction of the price downwards to the upper border of the channel near the level of 107.58, with the possibility of returning into the channel at the levels of 107.48-107.28.

AUDUSD today forex analysis and forecast 05/20/2020

AUDUSD has formed a short-term triangle on H1, which clamps the price in a narrowing range. The reference point for decision-making today will be the range between the levels of 0.6556 and 0.6527. If prices go out of the range upward, then the possible targets will be the levels of 0.6584 and 0.6599, with an upside potential to 0.6629. If the price goes out of the range towards the downside, then the nearest target levels may be 0.6498 and 0.6484.

USDRUB today forex analysis and forecast 05/20/2020

USDRUB got close to the 2-month lows near the level of 72.04, and today we will plan this level as the lower border. The upper limit of possible fluctuations today we’ll define at 73.15.

USDCAD today forex analysis and forecast 05/20/2020

USDCAD yesterday quite smoothly worked out the planned decline scenario, but at night it nevertheless rolled back above the level of 1.3900. As the main scenario today, we will consider the pair’s repeated attempts to gain a foothold below the level of 1.3900, and after passing through 1.3911 we will begin to search for possible targets near the levels of 1.3881 and 1.3860-1.3840. The backup plan will be the growth of the pair above the level of 1.3957. In this case, we will look for possible targets near the levels of 1.3983 and 1.4003.

GOLD today forex analysis and forecast 05/20/2020

Gold continues to be traded inside the upward channel on D1 and the level of 1728.00 as a support also does not lose its relevance. To complete the whole picture, we’ll denote the current range between the levels of 1742.00 and 1751.00. If the price goes out of the range upward, then the possible target levels will be 1760.00 and 1765.00. If the price goes out of the range towards the downside, then the possible targets will be the levels of 1733.00 and 1728.00.

BRENT oil today forex analysis and forecast 05/20/2020

Brent took a break yesterday and traded in a narrow range between the levels of 34.58 and 35.55. As the main scenario for today, we will plan the growth of the instrument to the levels of 35.90 and 36.56. If the price consolidates below the level of 34.58, then we will look for possible targets of decline around the levels of 33.91 and 33.25.

BTCUSD bitcoin today forex analysis and forecast 05/20/2020

Bitcoin has formed a new short-term triangle on H4, creating a narrowing price range. The upper limit of the range will be the level of 9793.00, the lower limit will be the level of 9606.00. If the price goes out of the range upward, then the possible targets would be levels 9886.00 and 9979.00. If the price goes out of the range towards the downside, then the possible targets would be the levels of 9513.00 and 9420.00.


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