EURUSD, USDJPY, GBPUSD, AUDUSD, USDCAD, XAUUSD, and Brent technical analysis and forecast for 23 December 2024

Here is a detailed daily technical analysis and forecast for EURUSD, USDJPY, GBPUSD, AUDUSD, USDCAD, XAUUSD, and Brent for 23 December 2024.

EURUSD forecast

The EURUSD H4 chart shows the market has completed a downward wave, reaching 1.0343. A correction is likely to develop today, 23 December 2024. The market has received support at 1.0386 and continues its upward momentum towards 1.0451. Subsequently, a new downward wave could follow, targeting 1.0322. Once it concludes, a growth wave towards 1.0430 is possible.

The Elliott Wave structure and matrix for a correction, with a pivot point at 1.0390, technically validate this scenario. This level is considered crucial for the corrective wave in the EURUSD rate. The market is currently forming a growth wave towards the central line of a price envelope at 1.0451. After the price reaches this level, another downward wave is expected, aiming for its lower boundary at 1.0322.

Technical indicators for today’s EURUSD forecast suggest a potential rise to 1.0451, followed by a decline to 1.0322.

USDJPY forecast

The USDJPY H4 chart shows that the market has completed a downward wave, reaching 155.95. Today, 23 December 2024, the price may rise and test the 156.77 level from below. Subsequently, a downward wave is possible, aiming for 155.65. Once the correction is complete, a new growth wave could begin, aiming for 158.80 as the first target.

The Elliott Wave structure and growth wave matrix, with a pivot point at 153.53, technically support this scenario for the USDJPY rate. The market is around the upper boundary of a price envelope. A correction may continue towards 155.65, followed by growth towards the envelope’s upper boundary at 158.10. A downward wave could start after the price reaches this target level, targeting its central line at 153.53.

Technical indicators for today’s USDJPY forecast suggest a potential rise to 156.77, followed by a decline to 155.65.

GBPUSD forecast

The GBPUSD H4 chart shows that the market has completed a downward wave towards 1.2475 and a growth wave towards 1.2606. A downward wave towards the local target of 1.2405 may begin today, 23 December 2024. Subsequently, a correction might follow, aiming for 1.2565 (testing from below). A new downward wave is expected to begin next, targeting 1.2325.

The Elliott Wave structure and wave matrix, with a pivot point at 1.2565, technically support this scenario for the GBPUSD rate. The market has rebounded from the envelope’s central line at 1.2606 and maintains its downward trajectory towards its lower boundary at 1.2405, the local target. The downward wave may continue towards 1.2325.

Technical indicators for today’s GBPUSD forecast suggest that the downward wave could continue towards the 1.2405 and 1.2325 levels.

AUDUSD forecast

The AUDUSD H4 chart indicates that the market is forming a consolidation range around 0.6240, which could expand upwards to 0.6280 today, 23 December 2024. Subsequently, a decline back to 0.6240 is anticipated. A breakout above the range could lead to a correction towards 0.6363 (testing from below). Once the correction is complete, another downward wave might follow, aiming for 0.618 as the primary target.

The Elliott Wave structure and downward wave matrix, with a pivot point at 0.6363, technically support this scenario for the AUDUSD rate. The market has already achieved the downward wave’s local target of 0.6200 and continues forming a consolidation range around the lower boundary of the price envelope. Today, a growth wave towards 0.6280 is possible, after which the price might tumble to the envelope’s lower boundary at 0.6180.

Technical indicators for today’s AUDUSD forecast suggest a potential rise to 0.6280, followed by a fall to 0.6180.

USDCAD forecast

The USDCAD H4 chart indicates that the market has completed a corrective wave, reaching 1.4335. Today, 23 December 2024, another downward structure towards 1.4330 is expected to form. The corrective wave continues, and once the price reaches the target level, a new growth wave could begin, aiming for 1.4481, the local target. Subsequently, a corrective wave towards 1.4230 may develop, potentially followed by a growth wave towards 1.4550.

The Elliott Wave structure and wave matrix, with a pivot point at 1.4230, technically support this scenario. This level is considered crucial for initiating a growth wave in the USDCAD rate. The market continues its correction towards the central line of the price envelope at 1.4330. A new growth wave is anticipated after the price reaches this level, targeting its upper boundary at 1.4481.

Technical indicators for today’s USDCAD forecast suggest the growth wave may extend towards the 1.4481 level.

XAUUSD forecast

The XAUUSD H4 chart shows the market forming a consolidation range around 2,615. The price is expected to rise to 2,646 today, 23 December 2024, before falling to 2,615. If an upward breakout occurs, the correction could extend towards 2,650. Conversely, a breakout below the range could lead to a downward wave towards 2,579.

The Elliott Wave structure and wave matrix, with a pivot point at 2,650, technically support this scenario. This level is considered crucial for the downtrend in the XAUUSD rate. The wave could extend towards the envelope’s lower boundary at 2,579. After reaching this level, the price might rise to its central line at 2,650.

Technical indicators for today’s XAUUSD forecast suggest a potential rise to the 2,646 level, followed by a decline to 2,579.

Brent forecast

The Brent H4 chart indicates that the market has reached the downward wave’s target of 71.60. Today, 23 December 2024, a growth impulse towards 72.78 was completed, with a consolidation range forming around this level. The price is expected to break above the range and continue towards 74.00. Subsequently, it might drop to 73.00 before initiating a growth wave targeting 75.05.

The Elliott Wave structure and wave matrix, with a pivot point at 73.13, technically support this scenario. This level is considered crucial for the Brent rate. The market continues to form a consolidation range around the central line of the price envelope at 73.13. Today, the growth wave could extend towards its upper boundary at 75.05.

Technical indicators for today’s Brent forecast suggest potential further growth towards the 74.00 and 75.05 levels.