Daily technical analysis and forecast for 5 May 2026

Here is a detailed daily technical analysis and forecast for EURUSD, USDJPY, GBPUSD, AUDUSD, USDCAD, XAUUSD, and Brent for 5 May 2026.

EURUSD forecast

On the H4 chart of the EURUSD pair, the market completed a downward wave to 1.1679. Today, 5 May 2026, a corrective structure to 1.1708 has formed. Subsequently, the pair could decline to 1.1666 and possibly further to 1.1646.

Technically, this scenario is confirmed by the indicated Elliott wave structure and the wave matrix with a pivot point at 1.1666. It is regarded as key within the structure of the downward wave for EURUSD. At the moment, the market completed an upward move to the central line of the Price Envelope at 1.1700. Today, the downward wave is expected to continue towards its lower boundary at 1.1649.

Technical indicators for today’s EURUSD forecast suggest the downward wave could continue towards 1.1649.

USDJPY forecast

On the H4 chart of the USDJPY pair, the market broke below 160.50 and completed a downward wave to 155.86. Today, 5 May 2026, a consolidation range is developing below 157.29. The downward wave could continue to 155.40. A breakout below this level would open the potential for a continued wave towards 153.80. Alternatively, a breakout above 157.30 is possible, opening the way for an upward wave towards 157.97.

Technically, this scenario for USDJPY is confirmed by the indicated Elliott wave structure and the upward wave matrix with a pivot point at 159.10. It is regarded as key within this structure. At the moment, the market received support at 156.60 and completed an upward wave to 157.30. A breakout above this level would pave the way towards the central line of the Price Envelope at 157.97. Subsequently, a new consolidation range is expected to develop below this level, with a downward breakout likely to open the potential for a decline to 153.80.

Technical indicators for today’s USDJPY forecast suggest an upward move to 157.97 and the beginning of a decline to 153.80.

GBPUSD forecast

On the H4 chart of the GBPUSD pair, the market completed an upward wave to 1.3560. Today, 5 May 2026, the pair is expected to dip to 1.3555. A breakout below this level would open the door to a continued downward wave towards 1.3444 and possibly further to 1.3340.

Technically, this scenario for GBPUSD is confirmed by the indicated Elliott wave structure and the downward wave matrix with a pivot point at 1.3340. It is regarded as key within this structure. Today, a downward wave could continue towards the lower boundary of the Price Envelope at 1.3444. Subsequently, an upward wave could begin, aiming for its central line at 1.3555. Then a decline to 1.3340 is expected.

Technical indicators for today’s GBPUSD forecast suggest a decline to 1.3444.

AUDUSD forecast

On the H4 chart of the AUDUSD pair, the market formed a consolidation range around 0.7161. Today, 5 May 2026, a downward breakout from the range opened the potential for a continued movement towards 0.7100, with prospects for further decline to 0.7050.

Technically, this scenario is confirmed by the indicated Elliott wave structure and the downward wave matrix for AUDUSD with a pivot point at 0.7000. It is regarded as key within this structure. At the moment, the market is performing a downward wave towards the lower boundary of the Price Envelope at 0.7100. Subsequently, the pair is expected to rise to its central line at 0.7161.

Technical indicators for today’s AUDUSD forecast suggest a decline to 0.7100.

USDCAD forecast

On the H4 chart of the USDCAD pair, the market completed a downward wave structure to 1.3550. Today, 5 May 2026, a correction to 1.3629 has formed. Subsequently, a decline to 1.3588 is expected. A breakout below this level could push the price down to 1.3535. Subsequently, growth to 1.3750 is expected.

Technically, this scenario is confirmed by the indicated Elliott wave structure and the upward wave matrix with a pivot point at 1.3629. It is regarded as key within this structure. At the moment, the market is forming a growth structure towards the central line of the Price Envelope at 1.3629. Subsequently, a downward wave is expected towards its lower boundary at 1.3545.

Technical indicators for today’s USDCAD forecast suggest growth to 1.3545.

XAUUSD forecast

On the XAUUSD H4 chart, the market completed a downward wave, reaching 4,493. Today, 5 May 2026, an upward move to 4,5454 is expected. Subsequently, prices are expected to decline to 4,438 before climbing to 4,555.

Technically, this scenario is confirmed by the indicated Elliott wave structure and the upward wave matrix with a pivot point at 4,474. It is regarded as key within this structure. At the moment, the market is forming a consolidation range above the lower boundary of the Price Envelope at 4,550. In case of a downward breakout, the downward wave is expected to continue to 4,438. Alternatively, an upward breakout would open the potential for an upward wave towards 4,600.

Technical indicators for today’s XAUUSD forecast suggest a decline to 4,438.

Brent forecast

On the H4 chart of Brent crude oil, the market completed a growth structure, reaching 113.50. Today, 5 May 2026, a correction towards 111.00 is possible. Subsequently, growth to 114.00 is expected, with prospects for continuation of the trend to 117.90, a local target.

Technically, this scenario is confirmed by the indicated Elliott wave structure and the upward wave matrix with a pivot point at 98.00. It is regarded as key within this structure. At the moment, the market is forming a consolidation range around the central line of the Price Envelope at 111.00. An upward breakout would open the potential for a wave towards its upper boundary at 117.90.

Technical indicators for today’s Brent forecast suggest growth to 117.90.

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