Daily Technical Analysis and Forecast
EURUSD Forecast
On the H4 chart, EURUSD has completed a downward movement to 1.1683. A corrective rise towards 1.1740 is likely today, potentially forming a consolidation range. A breakout above 1.1740 could open the path to 1.1786. However, this entire upside movement is considered a correction within a larger downtrend. Once the correction ends, a fresh decline towards 1.1625 may follow, with an extended target near 1.1464.
From a technical standpoint, this scenario aligns with the Elliott wave structure, with a key pivot at 1.1786. The market recently touched the lower boundary of the Price Envelope at 1.1645. Consolidation around the midline at 1.1740 is expected today, possibly followed by a move to the upper envelope boundary at 1.1786, before resuming the downward trend towards 1.1625.
Technical Outlook: Correction to 1.1786 likely, followed by a potential decline to 1.1625.
USDJPY Forecast
USDJPY is forming a tight consolidation around 147.40 on the H4 chart. Today’s movement may see an extension to 148.20, then a pullback to 147.40, and potentially another push to 148.25. A breakout above 148.25 could lead to further gains toward 149.90, while a downside break may open the way to 146.46.
The Elliott wave structure confirms this outlook, with a growth pivot at 147.75. Currently, price is rebounding from the lower Price Envelope boundary at 146.58, targeting the midline at 148.20. After this, another decline to 146.46 could occur.
Technical Outlook: Potential rise to 148.25, followed by a drop to 146.46.
GBPUSD Forecast
GBPUSD has moved downward to 1.3400, with a corrective rebound to 1.3453 already completed. Today, the price could dip to 1.3380, then return to 1.3453, establishing a consolidation range. A breakout to the upside could push the market to 1.3550, while a breakdown may extend the move to 1.3330 and possibly 1.3100.
The Elliott wave structure supports this view, with a key pivot at 1.3550. The current position is near the midline of the Price Envelope at 1.3454. An attempt to test the upper boundary at 1.3550 is expected, followed by a decline toward 1.3330.
Technical Outlook: Possible correction to 1.3550, then a decline to 1.3330.
AUDUSD Forecast
AUDUSD continues to consolidate around 0.6600. The range may stretch downward to 0.6570, followed by a rebound to 0.6600. A downward breakout could lead to 0.6493, while an upward breakout may send the pair to 0.6633, before resuming its downtrend to 0.6493.
This scenario is supported by the Elliott wave structure, with a critical pivot at 0.6633. Currently, the price has reached the lower boundary of the Price Envelope at 0.6520. A short-term rise to 0.6633 is likely before a downward continuation toward 0.6493.
Technical Outlook: Correction to 0.6633 expected, followed by a move down to 0.6493.
USDCAD Forecast
USDCAD is consolidating around 1.3930 and recently expanded to 1.3984. A pullback to 1.3930 is anticipated. A breakdown could send the price to 1.3850, while a breakout above 1.3984 could target 1.4015, and potentially extend to 1.4068 and 1.4100.
Elliott wave analysis identifies 1.3920 as the key pivot. The current price action suggests a test of this level from above before further bullish continuation. The upper Price Envelope boundary lies at 1.4068, which is a potential upside target.
Technical Outlook: Likely decline to 1.3920, followed by growth to 1.4015.
XAUUSD Forecast (Gold)
Gold (XAUUSD) has completed a rise to 3,895, followed by a correction to 3,820. A consolidation zone has formed above this level. An upside breakout could push prices to 3,910, with 4,000 as the extended target.
The Elliott wave structure supports a continued bullish trend, with a critical pivot at 3,660. Price is currently moving toward the upper boundary of the Price Envelope at 3,920, with a possible retracement to the central line at 3,850 afterwards.
Technical Outlook: Continued growth to 3,910 and potentially 4,000.
Brent Crude Oil Forecast
Brent crude broke below its consolidation range, completing a leg down to 64.00. Today, a corrective move to 65.00 is expected, before resuming the downtrend toward 63.63, 63.00, and possibly 62.00.
Elliott wave analysis marks 66.73 as the key pivot level. Brent is currently near the lower boundary of the Price Envelope at 64.00. A rebound to 65.00 is possible, but a breakout below may extend losses towards 63.00 and lower.
Technical Outlook: Potential rise to 65.00, followed by a decline to 63.00 and 62.00.
Disclaimer:
Past performance is not indicative of future results. Technical analysis is based on current market data and chart patterns, and does not guarantee trading outcomes. Please trade responsibly and manage your risk appropriately.
Leave a Reply