Daily Technical Analysis and Forecast – 31 July 2025
EURUSD Forecast
On the H4 chart, EURUSD has completed a downward movement towards the 1.1400 level. As of 31 July 2025, the pair is consolidating above this support. The range may expand upwards to 1.1455 or downwards to 1.1393. A corrective rise towards 1.1490 is anticipated, followed by a decline targeting 1.1200.
The Elliott wave structure and pivot level at 1.1490 support this scenario. The pair is moving towards the lower boundary of the price envelope at 1.1393, after which a rebound towards the midline at 1.1490 is likely.
Technical Outlook: Bearish bias toward 1.1393 in the short term.
USDJPY Forecast
On the H4 timeframe, USDJPY recently completed an upward move to 149.45. A corrective pullback towards 148.10 may develop today, with an expected continuation to the upside targeting 150.30.
The pivot at 148.10 plays a key role in the current wave structure. The pair is likely to retrace to the envelope’s central line at 148.10 before extending towards the upper boundary at 150.30.
Technical Outlook: Short-term dip to 148.10 followed by an uptrend toward 150.30.
GBPUSD Forecast
GBPUSD finished a downward wave to 1.3230 on the H4 chart. On 31 July 2025, a consolidation phase is expected above this level. A brief rise to 1.3270 could occur before resuming the downtrend towards 1.3152.
The Elliott wave formation and pivot at 1.3370 suggest a move towards the lower boundary of the price envelope at 1.3152. A future correction toward 1.3370 remains possible.
Technical Outlook: Bearish toward 1.3152, with minor upward correction potential.
AUDUSD Forecast
AUDUSD is consolidating around 0.6444 on the H4 chart. A breakout to the upside could push the price towards 0.6555, while a breakdown may extend the downtrend to 0.6408.
The pivot level at 0.6515 is key. After touching the lower price envelope at 0.6425, a brief rebound to 0.6515 may occur before the next leg down to 0.6408.
Technical Outlook: Likely correction to 0.6515 followed by a decline toward 0.6408.
USDCAD Forecast
USDCAD is in an upward wave formation aiming for 1.3850. A correction towards 1.3715 may follow after the target is reached.
The central pivot at 1.3715 serves as a structural base, from which the market broke upward. Price action remains supported toward the upper boundary of the envelope at 1.3850.
Technical Outlook: Continued rise toward 1.3850, then potential pullback to 1.3715.
XAUUSD (Gold) Forecast
Gold is consolidating near $3,290 on the H4 chart, with a downward extension to $3,268. A rise to $3,300 is possible before a move lower to the $3,256 target.
The pivot at $3,345 is essential to the current wave structure. After reaching $3,256, a correction toward $3,345 may develop, potentially followed by a deeper drop to $3,247.
Technical Outlook: Downward pressure toward $3,247 after minor upward correction.
Brent Crude Forecast
Brent has completed a growth wave to $72.65. A consolidation range may form just below this level. A breakout higher could lead to a move towards $73.33 and potentially extend to $76.00.
The pivot at $71.80 remains a crucial level. After a potential dip to $70.80, the trend may resume upward toward the price envelope’s upper boundary.
Technical Outlook: Bullish continuation toward $73.33 and $76.00.
Disclaimer: Past performance is not indicative of future results. Technical analysis is based on current market conditions and is subject to change. Always use risk management and consider multiple scenarios when trading.
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