Daily Technical Analysis and Forecast – 8 August 2025
EURUSD Forecast – 8 August 2025
On the H4 chart, EURUSD has broken out of its consolidation zone and completed a corrective move to 1.1698. As of today, the pair has declined to 1.1611, establishing a new consolidation range. A downward breakout toward 1.1520 is anticipated. Should this level break, it could open the path for a further drop towards 1.1343 — the first key target — followed potentially by a rebound to 1.1550 as a secondary target.
This outlook is supported by the Elliott wave structure and the current downward wave matrix pivoting at 1.1550. After completing a correction to the upper Envelope boundary at 1.1698, a move toward the lower boundary at 1.1343 is likely.
Indicators suggest a continuation of the downward trend targeting 1.1343.
USDJPY Forecast – 8 August 2025
USDJPY continues to consolidate above 146.50 on the H4 chart. A downward move towards 144.77 may occur, but an upward breakout could lead to growth toward 149.33. If this level is breached, the uptrend may extend to 153.14.
This scenario aligns with the Elliott wave structure and growth wave matrix, with a key pivot at 146.50. The market recently completed a move to the Envelope’s upper boundary at 150.90, followed by a correction to 146.60. A brief decline to 144.77 could precede a push toward 153.14.
Technical indicators point to a potential upward move targeting 153.14.
GBPUSD Forecast – 8 August 2025
GBPUSD formed a tight consolidation near 1.3292 and broke upward to complete a correction at 1.3444. A downward wave towards 1.3200 is expected. A break below this level could initiate a larger move down to 1.2940.
This setup is backed by the Elliott wave structure and a bearish wave matrix pivoting at 1.3366. The recent correction touched the upper Envelope boundary at 1.3444. A drop to the central line at 1.3200 is anticipated, possibly extending to the lower Envelope boundary at 1.2942.
Technical indicators support a potential decline toward 1.3200.
AUDUSD Forecast – 8 August 2025
AUDUSD remains within a consolidation phase near 0.6466 on the H4 chart. A breakout to the upside towards 0.6544 is expected. Afterward, a downward wave to 0.6460 is likely. A break of this level may drive the price further down to 0.6408.
This view is confirmed by the Elliott wave setup and a bearish wave matrix pivoting at 0.6515. The market recently completed a move to the Envelope’s lower boundary at 0.6417 and may correct towards the upper boundary at 0.6544 before resuming its decline.
Indicators suggest a coming bearish move toward 0.6408.
USDCAD Forecast – 8 August 2025
USDCAD is completing a correction targeting 1.3715, possibly extending to 1.3700. Once this correction concludes, a new upward wave may begin, aiming for 1.3890.
This scenario aligns with the Elliott wave structure and a bullish wave matrix pivoting at 1.3715. The pair has consolidated around 1.3800 and broken lower. Today, a move to 1.3715 is expected as part of the correction, before resuming an uptrend towards the upper Envelope boundary at 1.3890.
Indicators suggest a bullish reversal toward 1.3890 following the correction.
XAUUSD Forecast – 8 August 2025
Gold (XAUUSD) is undergoing a correction toward 3,414. A consolidation below this level is likely. A downward breakout from the range could lead to a move towards 3,255.
This scenario is supported by the Elliott wave structure and a bearish wave matrix with a pivot at 3,345. The correction may continue to the Envelope’s upper boundary at 3,414 before turning downward to the central line at 3,333 and potentially to the lower boundary at 3,255.
Technical signals indicate potential for a bearish continuation toward 3,255.
Brent Crude Forecast – 8 August 2025
Brent crude oil is consolidating above 66.00. An upward breakout is expected, with the price targeting 72.60 initially. A pullback to 69.40 may follow, before continued growth toward 76.00 and potentially 79.30.
This forecast is backed by the Elliott wave pattern and a bullish wave matrix with a pivot at 69.50. After correcting to the lower Envelope boundary at 66.00, the market may rise towards 72.60 and extend the trend to 79.30.
Technical indicators suggest a bullish move toward 72.60 and beyond.
Risk Warning: Past performance is not indicative of future results. Trading financial instruments involves risk, and you should not invest more than you can afford to lose.
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