Daily technical analysis and forecast for 7 May 2026

Here is a detailed daily technical analysis and forecast for EURUSD, USDJPY, GBPUSD, AUDUSD, USDCAD, XAUUSD, and Brent for 7 May 2026.

EURUSD forecast

On the H4 chart of the EURUSD pair, the market completed a corrective wave to 1.1795. Today, 7 May 2026, a downward structure to 1.1700 is expected. Subsequently, a consolidation range could develop around this level. A breakout below this range would open the potential for a decline to 1.1655 and possibly further to 1.1610.

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 has completed an upward move to the upper boundary of the Price Envelope at 1.1795. Today, the downward wave is expected to continue towards its central line at 1.1700.

Technical indicators for today’s EURUSD forecast suggest the downward wave could continue to 1.1700.

USDJPY forecast

On the H4 chart of the USDJPY pair, the market completed a wave to 155.03. Today, 7 May 2026, a consolidation range is developing above this level. A corrective move towards 156.50 could follow. Subsequently, a downward wave towards 155.00 is possible, with a breakout below this level likely to open the door 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 155.03 and completed an upward wave to the central line of the Price Envelope at 156.50. Subsequently, a new consolidation range is expected to develop below this level. A downward breakout would open the way for a decline to 153.80.

Technical indicators for today’s USDJPY forecast suggest the pair could start to decline to 153.80.

GBPUSD forecast

On the H4 chart of the GBPUSD pair, the market completed an upward wave to 1.3642. Today, 7 May 2026, the price is expected to drop to 1.3595. A breakout below this level would open the potential for a continued downward move towards 1.3460, with the trend possibly extending to 1.3445.

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 to 1.3610 is likely. Subsequently, the pair could start to decline towards the lower boundary of the Price Envelope at 1.3460 and further to 1.3445.

Technical indicators for today’s GBPUSD forecast suggest a decline to 1.3445.

AUDUSD forecast

On the H4 chart of the AUDUSD pair, the market formed a consolidation range around 0.7250. Today, 7 May 2026, the price is expected to break below the range to continue the wave to 0.7100, with prospects for further extension 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 completed an upward wave to the upper boundary of the Price Envelope at 0.7272. Subsequently, a decline towards its central line at 0.7180 could begin.

Technical indicators for today’s AUDUSD forecast suggest a drop to 0.7180.

USDCAD forecast

On the H4 chart of the USDCAD pair, the market completed an upward wave structure, reaching 1.3636. Today, 7 May 2026, a consolidation range is forming around this level and could expand upwards to 1.3650. A decline to 1.3620 and a breakout below this level would open the door for a decline 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 upper boundary of the Price Envelope at 1.3654. Subsequently, a decline towards the lower boundary of the Price Envelope at 1.3535 is expected. Further, an upward wave towards its central line at 1.3600 could follow.

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

XAUUSD forecast

On the XAUUSD H4 chart, the market completed an upward wave to 4,722. Today, 7 May 2026, a downward move to 4,626 is expected. Subsequently, the pair could rise to 4,750 before dipping 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 around the central line of the Price Envelope at 4,615. In case of a downward breakout, the downward wave is expected to continue to 4,600. Alternatively, an upward breakout would open the potential for an upward wave towards 4,750. Subsequently, a decline to 4,444 is expected.

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

Brent forecast

On the H4 chart of Brent crude oil, the market completed a downward wave structure to 95.60. Today, 7 May 2026, a consolidation range could develop around this level. Subsequently, the price is expected to climb to 105.50 and possibly further to 114.60. Then a correction to 105.55 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 100.00. An upward breakout would open the way towards its upper boundary at 114.50, while a downward breakout could trigger a corrective move towards its lower boundary at 95.00.

Technical indicators for today’s Brent forecast suggest the beginning of growth to 105.00 and further to 114.60.

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