Daily technical analysis and forecast for 12 May 2026

Here is a detailed daily technical analysis and forecast for EURUSD, USDJPY, GBPUSD, AUDUSD, USDCAD, XAUUSD, and Brent for 12 May 2026.

EURUSD forecast

On the H4 chart of the EURUSD pair, the market is forming a consolidation range around 1.1750. Today, 12 May 2026, a downward structure to 1.1690 cannot be ruled out. Subsequently, an upward move towards 1.1818 is possible, followed by a decline to 1.1610, 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 lower towards the central line of the Price Envelope at 1.1730. Further extension of the downward wave towards the lower boundary of the Price Envelope at 1.1690 cannot be ruled out today. Subsequently, growth towards its upper boundary at 1.1818 is expected.

Technical indicators for today’s EURUSD forecast suggest the downward wave could continue to 1.1690, followed by growth to 1.1818.

USDJPY forecast

On the H4 chart of the USDJPY pair, the market completed an upward wave to 157.40. Today, 12 May 2026, a consolidation range is developing below this level, with a correction towards 156.50 likely to follow. Subsequently, the price could advance to 157.97 before declining to 154.11.

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 156.40 and is performing an upward wave towards the upper boundary of the Price Envelope at 157.97. Subsequently, a new consolidation range is expected to develop below this level. A downward breakout would open the potential for a decline to 156.00.

Technical indicators for today’s USDJPY forecast suggest a rise to 157.97.

GBPUSD forecast

On the H4 chart of the GBPUSD pair, the market completed a downward wave to 1.3590. Today, 12 May 2026, a consolidation range is expected to form around this level. A breakout below this level would open the way towards 1.3555 and possibly further to 1.3445. Conversely, an upward breakout would open the door for a wave towards 1.3660.

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 the central line of the Price Envelope at 1.3555. Subsequently, growth towards its upper boundary at 1.3660 could begin, followed by a decline towards its lower boundary at 1.3500.

Technical indicators for today’s GBPUSD forecast suggest a decline to 1.3555 and the beginning of growth to 1.3660.

AUDUSD forecast

On the H4 chart of the AUDUSD pair, the market is forming a consolidation range around 0.7232. Today, 12 May 2026, the price is expected to break below the range to continue the wave towards 0.7190. Subsequently, growth to 0.7310 is expected.

Technically, this scenario is confirmed by the indicated Elliott wave structure and the downward wave matrix for AUDUSD with a pivot point at 0.7200. It is regarded as key within this structure. At the moment, the market completed an upward wave to 0.7310. Subsequently, the pair could drop towards the lower boundary of the Price Envelope at 0.7190.

Technical indicators for today’s AUDUSD forecast suggest growth to 0.7310 and the beginning of a decline to 0.7190.

USDCAD forecast

On the H4 chart of the USDCAD pair, the market completed an upward wave structure to 1.3700. Today, 12 May 2026, a consolidation range is forming below this level. An expansion of the range downwards to 1.3631 cannot be ruled out. A decline and breakout below the 1.3600 level would push the pair lower towards 1.3580. Subsequently, growth to 1.3790 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 for USDCAD within this growth wave structure. At the moment, the market is forming an upward wave structure towards the upper boundary of the Price Envelope at 1.3710. 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 is likely.

Technical indicators for today’s USDCAD forecast suggest growth to 1.3710.

XAUUSD forecast

On the H4 chart of XAUUSD, the market completed an upward wave, reaching 4,773. Today, 12 May 2026, a downward move to 4,600 is expected. Subsequently, prices could climb to 4,690 before dropping to 4,525.

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 for XAUUSD within this growth wave structure. At the moment, the market is forming a consolidation range around the central line of the Price Envelope at 4,690. A downward breakout would extend the downward wave towards 4,540 and possibly further to 4,444.

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 97.87. Today, 12 May 2026, growth to 105.15 and a correction to 101.60 could follow. Subsequently, prices could rise to 108.50, with prospects for continuation of the trend to 118.60. Then a correction to 108.50 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 for Brent within this wave structure. At the moment, the market is forming a consolidation range around the central line of the Price Envelope at 102.80. An upward breakout would open the way towards its upper boundary at 108.50, while a downward breakout could trigger a corrective move towards its lower boundary at 101.60.

Technical indicators for today’s Brent forecast suggest prices could start to rise to 105.15 and further to 108.50.

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