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Forex Technical Analysis & Forecast 25 August

August 26, 2020

EURUSD, “Euro vs US Dollar”

After finishing another ascending wave at 1.1815 and even extending the fifth structure towards 1.1849, EURUSD has returned to 1.1784; right now, it is consolidating around 1.1820. Possibly, today the pair may form one more ascending structure to reach the latter level or even break it. After that, the instrument may correct towards 1.1876. However, if the price breaks the range to the downside at 1.1780, the market may resume trading downwards with the target at 1.1660.

Click on the charts to enlarge.

EURUSD

GBPUSD, “Great Britain Pound vs US Dollar”

After failing to break 1.3060 to the downside on the first try, GBPUSD is consolidating in the middle of the range around 1.3100. Possibly, the pair may start another growth to reach 1.3140 and then resume falling with the short-term target at 1.2940.

GBPUSD

USDJPY, “US Dollar vs Japanese Yen”

USDJPY is still growing towards 106.27 and may later fall to reach 105.68, thus forming a new consolidation range between these two levels. If the price breaks the current range to the downside, the market may resume trading downwards to reach 104.90; if to the upside – continue the correction with the target at 106.60.

USDJPY

XAUUSD, “Gold vs US Dollar”

Gold is still consolidating around 1934.55 and may fall towards the downside border at 1908.00. If later the price breaks this level, the market may resume trading downwards with the target at 1887.88 and then 1850.00. However, if this range is broken to the upside at 1944.44, the instrument may start another correction towards 1975.50 and then form a new descending structure to reach 1850.00.

XAUUSD

BRENT

After breaking 45.60 to the upside, Brent is expected to reach 46.20. After that, the instrument may correct towards 45.15 and then resume trading upwards with the short-term target at 47.45.

Brent

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