Daily technical analysis and forecast for 6 May 2026

Here is a detailed daily technical analysis and forecast for EURUSD, USDJPY, GBPUSD, AUDUSD, USDCAD, XAUUSD, and Brent for 6 May 2026.

EURUSD forecast

On the H4 chart of the EURUSD pair, the market completed a corrective wave, reaching 1.1740. Today, 6 May 2026, a downward structure to 1.1688 is expected. Subsequently, a consolidation range could develop around this level. A breakout below this range would open the potential for a decline to 1.1670 and possibly further to 1.1636.

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 1.1740. Today, the downward wave is expected to continue towards its lower boundary at 1.1636.

Technical indicators for today’s EURUSD forecast suggest the downward wave could continue towards 1.1636.

USDJPY forecast

On the H4 chart of the USDJPY pair, the market completed a wave to 157.90. Today, 6 May 2026, a consolidation range is developing below this level. A downward wave could begin, aiming for 156.60. A breakout below this level would open the potential for a continued move towards 153.80.

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 the central line of the Price Envelope at 157.90. Subsequently, a new consolidation range is expected to develop below this level. A downward breakout would open the door for a decline to 153.80.

Technical indicators for today’s USDJPY forecast suggest a decline to 153.80.

GBPUSD forecast

On the H4 chart of the GBPUSD pair, the market completed an upward wave to 1.3590. Today, 6 May 2026, the pair is expected to drop to 1.3515. A breakout below this level would open the potential for a continued movement towards 1.3444 and possibly further towards 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 corrective wave towards 1.3590 could develop. Subsequently, the pair could start to decline towards the lower boundary of the Price Envelope at 1.3444, possibly slipping lower towards 1.3340.

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 0.7180. Today, 6 May 2026, an upward breakout from the range paved the way towards 0.7222, with prospects for further extension to 0.7250.

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 an upward wave towards the upper boundary of the Price Envelope at 0.7250. Subsequently, a decline towards its central line at 0.7180 is expected.

Technical indicators for today’s AUDUSD forecast suggest considering the probability of a decline to 0.7180.

USDCAD forecast

On the H4 chart of the USDCAD pair, the market completed a downward wave, reaching 1.3585. Today, 6 May 2026, a consolidation range has formed above this level. Subsequently, the pair is expected to dip to 1.3555. 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 downward structure towards the lower boundary of the Price Envelope at 1.3535. Subsequently, an upward wave towards its central line at 1.3620 is expected.

Technical indicators for today’s USDCAD forecast suggest a drop to 1.3535.

XAUUSD forecast

On the XAUUSD H4 chart, the market completed an upward wave, reaching 4,656. Today, 6 May 2026, a downward move towards 4,5454 is expected. Subsequently, prices could advance to 4,600 before falling to 4,444.

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 4,444. Alternatively, an upward breakout would open the potential for an upward wave towards 4,646. Subsequently, a decline to 4,444 is expected.

Technical indicators for today’s XAUUSD forecast suggest a decline to 4,444.

Brent forecast

On the H4 chart of Brent crude oil, the market completed a downward wave structure to 108.00. Today, 6 May 2026, a consolidation range could develop around this level. Subsequently, prices could dip to 103.50 and possibly further to 102.50. Then growth to a local target of 113.55 is expected.

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 108.00. An upward breakout would open the potential for a wave towards its upper boundary at 117.90, while a downward breakout could trigger a corrective move towards its lower boundary at 102.50.

Technical indicators for today’s Brent forecast suggest a corrective decline to 102.50.

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