EURUSD, USDJPY, GBPUSD, AUDUSD, USDCAD, XAUUSD, and Brent technical analysis and forecast for 21 January 2025

Here is a detailed daily technical analysis and forecast for EURUSD, USDJPY, GBPUSD, AUDUSD, USDCAD, XAUUSD, and Brent for 21 January 2025.

EURUSD forecast

On the H4 chart, EURUSD expanded its consolidation range to 1.0430. A decline to 1.0360 is expected on 21 January 2025, with a potential consolidation range forming around this level. A downward breakout could lead to a decline to 1.0300, while an upward breakout may open the way for further growth to 1.0560 as a local target.

Technically, this scenario aligns with the Elliott Wave structure and the first-wave growth matrix centred at 1.0300, which is key for EURUSD. The market has completed a growth wave to the upper boundary of the price Envelope at 1.0430. A correction towards the central line at 1.0300 is anticipated.

Technical indicators for today’s EURUSD forecast suggest potential declines to 1.0300.

USDJPY forecast

On the H4 chart, USDJPY completed a decline to 154.94, followed by a correction to 156.53. A downward wave to 154.20 is expected to develop on 21 January 2025, followed by a potential upward wave towards 156.55.

Technically, this scenario aligns with the Elliott Wave structure and the correction matrix centred at 156.53. The market is moving towards the lower boundary of the price Envelope, with further movement to 154.20 likely.

Technical indicators for today’s USDJPY forecast suggest a possible correction to 154.20.

GBPUSD forecast

On the H4 chart, GBPUSD completed a growth wave to 1.2333, followed by a decline to 1.2280. A consolidation range around this level is expected on 21 January 2025. A downward breakout could lead to a correction to 1.2222, while an upward breakout may trigger growth to 1.2469 as a local target.

Technically, this scenario aligns with the Elliott Wave structure and the first-wave growth matrix centred at 1.2222. The market has reached the upper boundary of the price Envelope at 1.2333, with a decline to the central line at 1.2222 anticipated.

Technical indicators for today’s GBPUSD forecast suggest a potential decline to 1.2222.

AUDUSD forecast

On the H4 chart, AUDUSD completed a growth wave to 0.6287, marking the first wave of a correction. A decline to 0.6200 is expected on 21 January 2025. After reaching this level, a new upward wave to 0.6380 may develop as a local target.

Technically, this scenario aligns with the Elliott Wave structure and the growth wave matrix centred at 0.6200. The market has completed an impulse growth wave to the upper boundary of the price Envelope at 0.6287, and a decline to the lower boundary at 0.6200 is expected.

Technical indicators for today’s AUDUSD forecast suggest a decline to 0.6200.

USDCAD forecast

On the H4 chart, USDCAD completed a decline to 1.4258. On 21 January 2025, a growth wave towards 1.4560 is forming. A rise to 1.4535 is expected as a local target. After reaching this level, a decline to 1.4410 may follow, with further growth to 1.4560 as the main target for this wave originating from 1.4000.

Technically, this scenario aligns with the Elliott Wave structure and the growth wave matrix centred at 1.4400, which is key for USDCAD. The market has completed a growth wave to the upper boundary of the price Envelope at 1.4513, with a subsequent decline to the central line at 1.4400 expected.

Technical indicators for today’s USDCAD forecast suggest a potential decline to 1.4400.

XAUUSD forecast

On the H4 chart, XAUUSD found support at 2,689 and continues to develop a growth wave. On 21 January 2025, a rise to 2,730 is anticipated, with a correction to 2,689 likely thereafter. A break below this level could lead to further movement to 2,656.

Technically, this scenario aligns with the Elliott Wave structure and the growth wave matrix centred at 2,689. The market is expected to continue its growth wave to the upper boundary of the price Envelope at 2,730, followed by a potential decline to the lower boundary at 2,656.

Technical indicators for today’s XAUUSD forecast suggest possible declines to 2,689 and 2,656.

Brent forecast

On the H4 chart, Brent crude is developing a downward wave to 78.55. This level is expected to be reached on 21 January 2025, followed by a potential rebound to 79.66 (retesting from below). A further decline to 77.60 may follow.

Technically, this scenario aligns with the Elliott Wave structure and the downward wave matrix centred at 79.66, which is key for Brent. The market is likely to continue its downward wave to the lower boundary of the price Envelope at 77.60. After reaching this level, a growth wave to the upper boundary at 82.66 is expected.

Technical indicators for today’s Brent forecast suggest a correction to 77.60, followed by a rise to 82.66.