EURUSD, USDJPY, GBPUSD, AUDUSD, USDCHF, NZDUSD, and USDCAD technical analysis and forecast for 7 - 11 October 2024

Here is a detailed weekly technical analysis and forecast for EURUSD, USDJPY, GBPUSD, AUDUSD, USDCHF, NZDUSD, and USDCAD for 7 - 11 October 2024.

EURUSD forecast

The EURUSD pair is forming a broad consolidation range around the 1.1077 level, with the market currently extending the range down to 1.0940. After reaching this level, the price could rise to 1.1077 (testing from below) before declining to 1.0900. A breakout of this level will open the potential for a movement towards 1.0860, with the trend potentially continuing to 1.0733, the first target.

USDJPY forecast

The USDJPY pair has completed a growth wave, reaching 148.77. A narrow consolidation range is currently forming below this level. A breakout below the range will open the potential for a downward wave towards 143.43, which can be considered a part of the fifth wave towards the main target of 137.77. After reaching this level, the price could correct towards 148.77.

GBPUSD forecast

The GBPUSD pair has completed a downward wave, reaching 1.3125. A consolidation range is currently forming above this level. With a breakout above the range, a correction towards 1.3300 is possible. With a breakout below the range, the wave is expected to continue towards 1.2830, the first target. After reaching this level, the price could correct towards 1.3125 (testing from below).

AUDUSD forecast

The AUDUSD pair has completed a downward wave, reaching 0.6781. A narrow consolidation range is currently forming. With a breakout above the range, the price could correct towards 0.6800. With a downward breakout, the wave might continue towards 0.6633, the first target. A correction is expected once the price hits this level, aiming for 0.6780 (testing from below).

USDCHF forecast

The USDCHF pair has broken above the 0.8540 level. A growth wave is practically developing, aiming for 0.8688 as the local target. Once the price hits this level, a correction towards 0.8550 (testing from above) could follow. Subsequently, another growth wave might develop, aiming for 0.8740, the first target.

NZDUSD forecast

The NZDUSD pair has broken below the 0.6220 level, continuing its downward momentum towards 0.6060. A corrective wave could start after the price reaches this level, targeting 0.6220 (testing from below). Subsequently, a downward wave towards 0.5937 is expected, potentially continuing towards 0.5777, the first target.

USDCAD forecast

The USDCAD pair has broken above the 1.3535 level and maintains its upward trajectory towards the local target of 1.3666. Once the price hits this level, a corrective wave could follow, aiming for 1.3535 (testing from above). Subsequently, the growth wave might start, aiming for 1.3720.