Daily technical analysis and forecast for 21 May 2026

Here is a detailed daily technical analysis and forecast for EURUSD, USDJPY, GBPUSD, AUDUSD, USDCAD, XAUUSD, and Brent for 21 May 2026.

EURUSD forecast

On the H4 chart of the EURUSD pair, the market completed a downward wave to 1.1582 and an upward wave to 1.1640. Today, 21 May 2026, a consolidation range could develop below this level. Expansion of the range to 1.1650 cannot be ruled out. Subsequently, the price could decline to 1.1540 and possibly further to 1.1515.

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 forming a consolidation range below 1.1650. The price is expected to move lower towards the lower boundary of the Price Envelope at 1.1540. Subsequently, an upward wave towards its central line at 1.1650 is likely.

Technical indicators for today’s EURUSD forecast suggest the downward wave could continue to 1.1540.

USDJPY forecast

On the H4 chart of the USDJPY pair, the market continues to form a consolidation range around 158.88. Today, 21 May 2026, an upward breakout would open the door for an upward wave towards 159.30 and possibly further to 160.88. Conversely, a downward breakout would open the potential for a correction towards 156.00.

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 158.88. Today, an upward wave towards the upper boundary of the Price Envelope at 159.30 is expected. Subsequently, a new consolidation range could develop below this level. A downward breakout from the range would trigger a decline to 158.30, while an upward breakout would open the way towards 160.88.

Technical indicators for today’s USDJPY forecast suggest the upward wave could continue to 159.30.

GBPUSD forecast

On the H4 chart of the GBPUSD pair, the market completed a downward wave to 1.3377. Today, 21 May 2026, the price is expected to rise to 1.3464. Subsequently, a consolidation range could form around this level. A breakout below the level would open the potential for a continued wave towards 1.3320 and possibly further to 1.3200.

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 towards the lower boundary of the Price Envelope at 1.3300 is possible, followed by growth towards its central line at 1.3390.

Technical indicators for today’s GBPUSD forecast suggest a decline to 1.3300.

AUDUSD forecast

On the H4 chart of the AUDUSD pair, the market is forming a consolidation range around 0.7130. Today, 21 May 2026, the price is expected to break below the range to continue the wave towards 0.7040. Subsequently, quotes could climb to 0.713 before declining to 0.7000.

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 a downward wave to 0.7100. Subsequently, the downward wave is expected to continue towards the lower boundary of the Price Envelope at 0.7050.

Technical indicators for today’s AUDUSD forecast suggest a drop to 0.7050.

USDCAD forecast

On the H4 chart of the USDCAD pair, the market received support at 1.3530. Today, 21 May 2026, the price broke above the 1.3755 level, opening the potential for an upward wave towards 1.3790 and possibly further to 1.3850.

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 1.3790. Subsequently, a corrective move towards its central line at 1.3717 is likely, followed by an upward wave to 1.3850.

Technical indicators for today’s USDCAD forecast suggest a rise to 1.3790.

XAUUSD forecast

On the H4 chart of XAUUSD, the market formed a wide consolidation range around 4,520. Today, 21 May 2026, a downward move towards 4,400 is expected. Subsequently, prices could advance to 4,450 before dipping to 4,270.

Technically, this scenario is confirmed by the indicated Elliott wave structure and the downward wave matrix with a pivot point at 4,550. It is regarded as key for XAUUSD within this downward wave structure. At the moment, the market is forming a consolidation range around the central line of the Price Envelope at 4,520. In case of a breakout below the range, the downward wave is expected to continue to 4,400, possibly extending to 4,240.

Technical indicators for today’s XAUUSD forecast suggest a decline to 4,400.

Brent forecast

On the H4 chart of Brent crude oil, the market broke below 104.30 and completed a wave to 100.20. Today, 21 May 2026, an upward move to 104.30 and a decline to 99.10 are possible. Subsequently, growth to 111.50 is expected, with prospects for continuation of the trend to 123.40.

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 104.30. An upward breakout would open the way towards its upper boundary at 111.50, while a downward breakout would trigger a corrective move towards its lower boundary at 99.10. Subsequently, growth to 111.50 is expected.

Technical indicators for today’s Brent forecast suggest growth to 111.50.

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