EURUSD, USDJPY, GBPUSD, AUDUSD, USDCAD, XAUUSD, and Brent technical analysis and forecast for 31 January 2025

Here is a detailed daily technical analysis and forecast for EURUSD, USDJPY, GBPUSD, AUDUSD, USDCAD, XAUUSD, and Brent for 31 January 2025.

EURUSD forecast

On the H4 chart, EURUSD completed a corrective wave to 1.0465 and started developing a new downward wave. On 31 January 2025, the market reached 1.0376 and is forming a narrow consolidation range. A downward breakout may extend the wave to 1.0345, with a potential continuation towards 1.0285 as the local target.

Technically, this scenario aligns with the Elliott Wave structure and the downward wave matrix centred at 1.0376, which is key for EURUSD. The market is consolidating around the central line of the price Envelope. A downward move towards its lower boundary at 1.0285 remains relevant.

Technical indicators for today’s EURUSD forecast suggest potential declines to 1.0345 and 1.0285.

USDJPY forecast

On the H4 chart, USDJPY formed a narrow consolidation range around 154.50 and broke downwards, continuing the decline. On 31 January 2025, the market is expected to reach 153.41, with a possible continuation towards 153.02.

Technically, this scenario aligns with the Elliott Wave structure and the downward wave matrix centred at 155.65. The market formed a consolidation range around 154.50, and after breaking downward, it continues towards the lower boundary of the price Envelope at 153.41.

Technical indicators for today’s USDJPY forecast suggest potential declines to 153.41.

GBPUSD forecast

On the H4 chart, GBPUSD corrected to 1.2473 and started a new downward wave. On 31 January 2025, the market reached 1.2410, forming a narrow consolidation range. A downward breakout may extend the wave towards 1.2345, with further continuation to 1.2278.

Technically, this scenario aligns with the Elliott Wave structure and the downward wave matrix centred at 1.2410. The market is consolidating around the central line of the price Envelope. A downward breakout may push the price towards the lower boundary at 1.2278.

Technical indicators for today’s GBPUSD forecast suggest potential declines to 1.2345 and 1.2278.

AUDUSD forecast

On the H4 chart, AUDUSD continues developing a downward wave towards 0.6194. On 31 January 2025, a possible correction to 0.6240 may occur before resuming the decline towards 0.6194 as the local target.

Technically, this scenario aligns with the Elliott Wave structure and the downward wave matrix centred at 0.6250. The market has formed a consolidation range around the central line of the price Envelope and has broken downward. Further movement towards the lower boundary at 0.6194 is expected.

Technical indicators for today’s AUDUSD forecast suggest potential declines to 0.6194.

USDCAD forecast

On the H4 chart, USDCAD broke through 1.4477 and developed a wave of growth to 1.4591. On 31 January 2025, a correction to 1.4477 (test from above) is possible before another wave of growth towards 1.4658.

Technically, this scenario aligns with the Elliott Wave structure and the upward wave matrix centred at 1.4477, which is key for USDCAD. The market is consolidating around the central line of the price Envelope. If the price moves upwards, it may extend towards the upper boundary at 1.4658.

Technical indicators for today’s USDCAD forecast suggest potential growth to 1.4658.

XAUUSD forecast

On the H4 chart, XAUUSD received support at 2731 and executed a growth wave to 2797. On 31 January 2025, a narrow consolidation range is forming around this level. If the market moves downward, a correction to 2772 is possible. If it breaks upwards, an extension towards 2818, with a potential continuation to 2839, is expected.

Technically, this scenario aligns with the Elliott Wave structure and the growth wave matrix centred at 2731, which is key for XAUUSD. The market completed a growth wave towards the upper boundary of the price Envelope at 2797. A correction towards 2772 may follow before another upward wave towards 2818.

Technical indicators for today’s XAUUSD forecast suggest potential growth to 2818.

Brent forecast

On the H4 chart, Brent crude is consolidating around 76.00. On 31 January 2025, a continued upward move towards 76.70 is expected. If this level is broken upwards, further growth towards 77.77 and 78.38 is possible.

Technically, this scenario aligns with the Elliott Wave structure and the growth wave matrix centred at 76.70, which is key for Brent. The market has declined to the lower boundary of the price Envelope at 74.90, and after reaching this level, consolidation has formed above it. A breakout upwards may push the price towards the central line at 76.70, with further movement towards 78.38.

Technical indicators for today’s Brent forecast suggest potential growth to 76.70 and 78.38.