Daily Technical Analysis and Forecast – 7 August 2025
EURUSD Forecast – 7 August 2025
On the H4 chart, EURUSD has broken above a previous consolidation zone, with a corrective move expected to continue toward 1.1680. Once this correction completes, a new downward wave may begin, targeting 1.1343, followed by a potential rebound to 1.1550.
This projection aligns with the current Elliott wave structure and the downward wave matrix, where 1.1550 is the critical pivot level. The pair is currently correcting toward the upper boundary of the price envelope near 1.1680, after which a decline to the lower boundary at 1.1343 could unfold.
Outlook: Expect the correction to complete at 1.1680, followed by a possible downward wave toward 1.1343.
USDJPY Forecast – 7 August 2025
On the H4 timeframe, USDJPY completed a correction to 146.70. A narrow consolidation range may now form above this level. A breakout to the downside could lead to 145.55, while an upside breakout opens the path to 149.33 and potentially 153.14.
This setup is supported by the Elliott wave structure and the growth matrix, with 146.77 as the pivotal point. After touching the upper boundary of the price envelope at 150.90, the pair retraced to 147.00, setting the stage for a potential rally toward 153.14.
Outlook: Potential start of an upward wave targeting 153.14.
GBPUSD Forecast – 7 August 2025
On the H4 chart, GBPUSD is consolidating below 1.3366. A breakout to the upside could extend the correction toward 1.3400. However, this move is seen as a corrective phase before a fifth downward wave resumes, aiming initially at 1.3155, and possibly 1.2942.
The Elliott wave and downward wave matrix confirm 1.3366 as the critical resistance. The market recently dropped to the lower envelope boundary at 1.3141, with a potential rebound to 1.3366, before another drop toward 1.2942.
Outlook: Correction may complete near 1.3366, followed by a decline toward 1.2942.
AUDUSD Forecast – 7 August 2025
AUDUSD continues to consolidate around 0.6466 on the H4 chart. A short-term rise toward 0.6515 is possible, followed by a potential decline back to 0.6460. A break below this level would suggest further downside toward 0.6408.
This projection is backed by the Elliott wave structure and a downward wave matrix, with 0.6515 acting as the pivotal level. The price has touched the envelope’s lower boundary at 0.6417, and a correction toward 0.6515 may be underway before the downtrend resumes.
Outlook: A downward wave toward 0.6408 may begin after the correction.
USDCAD Forecast – 7 August 2025
USDCAD continues its correction toward 1.3715, which is expected to be reached today. Once this level is hit, a new bullish wave may begin, targeting 1.3890.
The Elliott wave and growth matrix structure support this view, with 1.3715 as the critical pivot. The market recently broke below a consolidation range around 1.3800, moving toward the lower envelope boundary at 1.3715. After this correction, the pair could resume its upward trend.
Outlook: Potential start of a growth wave toward 1.3890 after completing the correction.
XAUUSD (Gold) Forecast – 7 August 2025
XAUUSD (Gold) has completed a correction to 3,390 on the H4 chart. The price is now forming a consolidation range below this level, with a likely downward breakout toward 3,255.
The Elliott wave structure and downward wave matrix confirm 3,345 as the key pivot. After rebounding to the upper envelope boundary at 3,390, gold may decline to the central line at 3,333, then extend down to 3,255.
Outlook: A downward wave toward 3,255 is expected to begin.
Brent Crude Forecast – 7 August 2025
Brent has been consolidating around 69.50 and recently corrected down to 66.00. A new upward wave is expected today, aiming for 71.40, followed by a pullback to 68.77, then a rally to 74.30, and possibly continuing up to 76.80.
The Elliott wave and growth wave matrix support this view, with 69.50 as the pivot point. The correction to the lower envelope at 66.00 is likely complete, setting the stage for upward movement.
Outlook: A bullish wave toward 71.40, with potential to extend to 76.80.
Disclaimer:
The results of past trading setups do not guarantee similar outcomes in the future. All trading involves risk, and forecasts are based on current technical patterns which are subject to change.
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