Daily Technical Analysis & Forecast – 24 July 2025
EURUSD Forecast
On the H4 chart, EURUSD has completed an upward movement toward 1.1777. Today, a reversal is expected, initiating a downward wave targeting 1.1666, with the potential to extend to 1.1626.
From a technical standpoint, the Elliott wave structure and price action around the pivot at 1.1660 support this bearish outlook. The market has tested the upper boundary of the price envelope and is likely heading towards the central line at 1.1666, possibly followed by a rebound toward 1.1707.
Outlook: Bearish, with a target at 1.1666.
USDJPY Forecast
USDJPY has broken below a consolidation range around 147.07, signaling the continuation of a downtrend toward 145.05, and potentially further to 144.40.
The wave structure confirms a bearish scenario, with 147.07 acting as the pivot. A return move toward the central envelope line is possible before resuming the decline.
Outlook: Bearish, with a short-term target at 145.05.
GBPUSD Forecast
GBPUSD broke upward from a consolidation near 1.3535, reaching toward 1.3593. However, today this upward phase is likely to end, with a downward correction expected toward 1.3464. A break below this support may open the path to 1.3333.
Technically, 1.3593 serves as the key pivot for this anticipated reversal. A retest of the envelope’s central line at 1.3460 is expected next.
Outlook: Bearish correction targeting 1.3460, possibly lower.
AUDUSD Forecast
The upward movement in AUDUSD is approaching its target at 0.6623. Once this level is hit, a pullback toward 0.6546 is likely. A break below this support could extend the decline to 0.6444.
The wave structure identifies 0.6546 as a critical level. After reaching the upper envelope, a downward phase toward the central line is expected.
Outlook: Bearish reversal likely from 0.6623, targeting 0.6546.
USDCAD Forecast
USDCAD formed a bullish impulse to 1.3638, followed by a correction to 1.3595. Today, an upward continuation is expected toward 1.3656, with potential to extend to 1.3680.
Technically, 1.3680 remains a key resistance and pivot point. The price previously tested the lower envelope boundary and is now likely to move toward the central line.
Outlook: Bullish continuation toward 1.3680.
XAUUSD (Gold) Forecast
Gold has completed a decline to 3,385 and is currently consolidating at this level. A breakdown could lead to further losses toward 3,344, with a possible extension to 3,333.
Elliott wave analysis and envelope positioning suggest a bearish bias below 3,385, with potential for a subsequent rebound to this pivot.
Outlook: Bearish continuation toward 3,333.
Brent Crude Forecast
Brent is consolidating above 67.50, with potential to dip to 65.50 before resuming an upward wave toward 69.38, and possibly 71.30.
The wave structure with a pivot at 68.60 favors a bullish scenario. After consolidation, the price may target the upper envelope boundary at 71.30.
Outlook: Bullish, with targets at 69.38 and 71.30.
Disclaimer: Past trading performance is not indicative of future results. This analysis is for informational purposes only and does not constitute investment advice.
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