Forex Technical Analysis & Forecast for July 6, 2020

EUR/USD, “Euro vs US Dollar”

EUR/USD is moving upwards. Possibly, the pair may reach 1.1290 and then start a new correction towards 1.1262. After that, the instrument may form one more ascending structure with the target at 1.1305 and then start another correction to return to 1.1262.

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

GBP/USD is trading upwards to break 1.2485 and may later continue growing towards 1.2512. Later, the market may correct to return to 1.2485 and then start another growth to reach 1.2533. After that, the instrument may resume falling inside the downtrend with the target at 1.2424.

USD/RUB, “US Dollar vs Russian Ruble”

After completing another ascending structure towards 71.66, which may be considered as the third wave to the upside, USD/RUB is expected to correct to reach 70.00, at least. After that, the instrument may resume growing with the target at 72.12.

USD/JPY, “US Dollar vs Japanese Yen”

USD/JPY is consolidating around 107.57. Today, the pair may grow to reach 107.81 and then start a new decline to return to 107.57. If later the price breaks this range to the upside the market may form one more ascending structure with the target at 108.01 or even 108.22.

USD/CHF, “US Dollar vs Swiss Franc”

USD/CHF is moving close to the downside border of the range. Possibly, today the pair may form another ascending wave towards 0.9450. After that, the instrument may fall to break 0.9430 and then continue trading downwards with the target at 0.9387.

AUD/USD, “Australian Dollar vs US Dollar”

AUD/USD is moving upwards; it has already broken 0.6945 to the upside. Possibly, the pair may test this level from above and then form another ascending structure with the target at 0.6988 or even 0.7000.

BRENT

Brent is trading upwards and may reach 43.80. Later, the market may correct to reach 42.44 and then start another growth towards 45.20 to complete this ascending wave. After that, the instrument may start another correction with the first target at 41.50.

XAU/USD, “Gold vs US Dollar”

Gold is still consolidating around 1777.00. Today, the pair may test 1768.15 from above and then resume trading upwards with the short-term target at 1786.00 or even 1798.00.

BTC/USD, “Bitcoin vs US Dollar”

After finishing the descending impulse at 8900.00, BTC/USD is still consolidating and growing towards 9100.00. If later the price breaks this range to the upside, the market may form one more ascending structure with the target at 9550.00; if to the downside at 0.9490 – resume trading inside the downtrend to reach 8700.00.

S&P 500

The Index is moving upwards. Possibly, the asset may reach 3200.4 and then correct towards 3119.0. After that, the instrument may resume trading upwards with the short-term target at 3240.3.

For a look at all of today’s economic events, check out our economic calendar.

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex

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Disclaimer

Any predictions contained herein are based on the author’s particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

This article was originally posted on FX Empire

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