Daily Technical Analysis and Forecast – 6 August 2025
EURUSD Forecast
On the H4 chart, EURUSD is trading within a tight consolidation range around 1.1566, forming a Pennant pattern. Today, the market may attempt an upward breakout toward 1.1616, while a downward move could reach 1.1480. A break below this range may extend the decline to 1.1344, with a potential rebound to 1.1550 later.
The Elliott Wave structure and the downward wave matrix with a pivot at 1.1550 support this scenario. The market is currently forming a corrective wave toward the upper boundary of the price Envelope at 1.1616, after which a downward move toward 1.1347 may follow.
Technical indicators suggest a correction up to 1.1616, followed by a decline toward 1.1347.
USDJPY Forecast
USDJPY has completed a correction to 146.70 on the H4 chart. Today, a consolidation around 147.44 is expected. A downside breakout may push the price to 145.55, while an upward move could reach 149.33, with further extension toward 153.14 possible.
The Elliott Wave structure and growth wave matrix centered at 146.77 confirm this outlook. The market has corrected down from the upper boundary at 150.90 to around 147.00. A further decline to 145.55 is possible, followed by a growth wave toward 153.14.
Technical indicators suggest the start of an upward wave toward 153.14.
GBPUSD Forecast
GBPUSD is trading in a consolidation range near 1.3289 on the H4 chart. An upward breakout could extend the move to 1.3366, while a breakdown may resume the downward wave targeting 1.3155, potentially extending to 1.2942.
The Elliott Wave structure and downward wave matrix centered at 1.3366 confirm this scenario. After completing a downward move to 1.3141, the market may correct to 1.3366 before resuming the decline toward 1.2942.
Technical indicators point to a correction up to 1.3366, followed by a downward wave to 1.2942.
AUDUSD Forecast
AUDUSD continues to consolidate around 0.6466 on the H4 chart, forming a Pennant. An upward breakout could move toward 0.6515, while a downward move may extend to 0.6408.
The Elliott Wave structure and downward wave matrix with a pivot at 0.6515 support this scenario. The market has declined to 0.6417 and may correct up to 0.6515 before resuming the downward trend toward 0.6408.
Technical indicators suggest a correction to 0.6515, followed by a decline toward 0.6408.
USDCAD Forecast
USDCAD is consolidating around 1.3800, forming a Pennant pattern. A downward breakout could push the price to 1.3715, with a potential later rise to 1.3890.
The Elliott Wave structure and upward wave matrix centered at 1.3715 confirm this outlook. The market has broken down from the central line of the price Envelope at 1.3800, making a decline toward 1.3715 likely.
Technical indicators point to a move down toward 1.3715.
XAUUSD (Gold) Forecast
Gold completed a correction to 3,390 on the H4 chart. Today, the price may decline to 3,333, with a further drop to 3,255 possible if this level breaks.
The Elliott Wave structure and downward wave matrix centered at 3,345 support this scenario. After correcting to the upper boundary at 3,390, a decline toward 3,333 may follow, potentially continuing to 3,255.
Technical indicators suggest the start of a downward wave toward 3,255.
Brent Crude Forecast
Brent crude has consolidated around 68.77 and broken lower toward 67.33. Today, the range may expand upward to 70.44, followed by a dip to 68.77, then a rise to 72.33, potentially extending to 73.55.
The Elliott Wave structure and growth wave matrix centered at 69.30 confirm this scenario. The market is correcting toward 67.33, after which upward momentum toward 73.57 is expected, with a trend continuation possible toward 79.34.
Technical indicators suggest growth could continue toward 73.57.
Disclaimer: Past performance of trading operations does not guarantee similar future results.
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