Daily technical analysis and forecast for 8 May 2026

Here is a detailed daily technical analysis and forecast for EURUSD, USDJPY, GBPUSD, AUDUSD, USDCAD, XAUUSD, and Brent for 8 May 2026.

EURUSD forecast

On the H4 chart of the EURUSD pair, the market is forming a consolidation range around 1.1750. Today, 8 May 2026, a downward structure to 1.1720 is expected. Subsequently, the pair is expected to rise to 1.1733 before sliding to 1.1700, the first target in the next downward wave.

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 is moving down towards the central line of the Price Envelope at 1.1720. Today, the downward wave is expected to continue towards its lower boundary at 1.1650.

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 an upward wave, reaching 156.95. Today, 8 May 2026, a consolidation range is developing above this level. A correction towards 156.40 is likely. Subsequently, an upward wave towards 157.40 could follow, with a breakout above this level likely to open the way towards 157.88.

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 156.46 and completed an upward wave to the central line of the Price Envelope at 156.96. Subsequently, a new consolidation range is expected to develop below this level. A downward breakout would open the potential for a decline to 156.40, while an upward breakout could trigger an upward move towards its upper boundary at 157.88.

Technical indicators for today’s USDJPY forecast suggest growth to 157.40.

GBPUSD forecast

On the H4 chart of the GBPUSD pair, the market completed a downward wave to 1.3544. Today, 8 May 2026, a consolidation range is expected to form around this level. In case of a breakout below this level, the wave could continue towards 1.3494 and possibly further to 1.3464.

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 could develop, aiming for 1.3494. Subsequently, growth towards the central line of the Price Envelope at 1.3560 is possible, followed by a decline towards its lower boundary at 1.3464.

Technical indicators for today’s GBPUSD forecast suggest a decline to 1.3464.

AUDUSD forecast

On the H4 chart of the AUDUSD pair, the market formed a consolidation range around 0.7222. Today, 8 May 2026, a breakout below the range is expected to continue the wave to 0.7180, with prospects for further extension to 0.7160.

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, reaching 0.7222. Subsequently, the price is expected to drop towards the lower boundary of the Price Envelope at 0.7160.

Technical indicators for today’s AUDUSD forecast suggest a decline to 0.7160.

USDCAD forecast

On the H4 chart of the USDCAD pair, the market completed an upward wave structure to 1.3666. Today, 8 May 2026, a consolidation range is forming below this level. An upward expansion of the range to 1.3680 cannot be ruled out. In case of a decline to 1.3640 and a breakout below this level, the potential for a decline to 1.3535 will open. 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 an upward wave structure towards the upper boundary of the Price Envelope at 1.3680. Subsequently, a decline towards the lower boundary of the Price Envelope at 1.3535 is expected. Further, the price is projected to rise towards its central line at 1.3600.

Technical indicators for today’s USDCAD forecast suggest growth to 1.3680.

XAUUSD forecast

On the H4 chart of XAUUSD, the market completed an upward wave to 4,762. Today, 8 May 2026, a downward move to 4,600 is expected. Subsequently, prices are expected to advance to 4,666 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 4,600. In case of a downward breakout, the downward wave is expected to continue to 4,540 and possibly further to 4,444.

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 94.66. Today, 8 May 2026, growth to 101.11 and a correction to 97.97 are likely. Subsequently, prices are expected to rise to 105.20, with the trend potentially continuing towards 114.00. Then a correction to 107.90 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 lower boundary of the Price Envelope at 97.97. An upward breakout would open the way towards its central line at 105.25, 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 105.25 and further to 107.90.

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