Daily technical analysis and forecast for 7 July 2026

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

EURUSD forecast

On the H4 chart, the EURUSD pair continues to develop a narrow consolidation range around 1.1434. Today, 7 July 2026, the range has expanded upwards to 1.1446 and downwards to 1.1407. A breakout above this range could trigger a rally towards 1.1482. Alternatively, a downside breakout would open the way for a decline to 1.1398, with the downtrend potentially extending to 1.1260, the primary target.

Technically, this scenario is confirmed by the Elliott wave structure and the wave matrix with a pivot point at 1.1680, a key level in the current downward wave for EURUSD. At the moment, the market is developing an upward wave towards the upper boundary of the Price Envelope at 1.1482. A new downward wave towards its lower boundary at 1.1398 is expected afterwards.

Technical indicators for today's EURUSD forecast suggest that the pair could start to decline towards 1.1398.

USDJPY forecast

On the H4 chart, the USDJPY pair found support at 160.47 and completed an upward wave to 162.40. Today, 7 July 2026, the market is expected to continue developing a consolidation range around 161.44. A decline to 161.00 cannot be ruled out, followed by a rally to 163.33. A new consolidation range may then form below this level.

Technically, this scenario for USDJPY is confirmed by the Elliott wave structure and the upward wave matrix with a pivot point at 159.10, a key level in the current wave. At the moment, the market is forming a consolidation range around 161.44. A downside breakout would open the door for a decline to the lower boundary of the Price Envelope at 161.00. Conversely, an upside breakout would pave the way towards its upper boundary at 164.30.

Technical indicators for today's USDJPY forecast suggest a rally to 163.30.

GBPUSD forecast

On the H4 chart, the GBPUSD pair is forming a broad consolidation range around 1.3240. Today, 7 July 2026, the market completed an upward move to 1.3400. A decline to 1.3290 is expected afterwards, with the downtrend potentially extending to 1.3150. A rebound to 1.3240 may then follow.

Technically, this scenario for GBPUSD is confirmed by the Elliott wave structure and the downward wave matrix with a pivot point at 1.3300, a key level in the current wave. Today, the market completed an upward wave to the upper boundary of the Price Envelope at 1.3400 (a retest from below). A downward structure towards its lower boundary at 1.3100 is expected afterwards. This is the primary target.

Technical indicators for today's GBPUSD forecast suggest a decline to 1.3240.

AUDUSD forecast

On the H4 chart, the AUDUSD pair completed a downward wave to 0.6920 and an upward wave to 0.6958. Today, 7 July 2026, the market is expected to develop a consolidation range below this level. An upside breakout could trigger a correction towards 0.7050, while a downside breakout may extend the downward wave to 0.6855.

Technically, this scenario is confirmed by the Elliott wave structure and the downward wave matrix with a pivot point at 0.7200, a key level in the current wave for AUDUSD. At the moment, the market completed an upward wave to the upper boundary of the Price Envelope at 0.6958. A decline to its lower boundary at 0.6855 is expected afterwards, followed by another rally to 0.6960.

Technical indicators for today's AUDUSD forecast suggest the downward wave could extend to 0.6855.

USDCAD forecast

On the H4 chart, the USDCAD pair completed a downward wave to 1.4198. Today, 7 July 2026, the market is expected to form an upward move towards 1.4247. The boundaries of a consolidation range around 1.4197 have effectively been established. A downside breakout would open the door for a decline to 1.4137, while an upside breakout would signal the continuation of the upward wave to 1.4247 and possibly further to 1.4295.

Technically, this scenario is confirmed by the Elliott wave structure and the upward wave matrix with a pivot point at 1.3629, a key level in the current wave for USDCAD. At the moment, the market completed a downward structure to the lower boundary of the Price Envelope at 1.4147. A consolidation range is expected to form around this level. A downside breakout would open the way to 1.4137, while an upside breakout would pave the way for a move towards its upper boundary at 1.4295.

Technical indicators for today's USDCAD forecast suggest a rise to 1.4295.

XAUUSD forecast

On the H4 chart, XAUUSD completed a downward wave to 4,130. Today, 7 July 2026, the market is expected to break below this level and continue the downward wave towards 4,050, with the downtrend potentially extending to 3,915, a local target.

Technically, this scenario is confirmed by the Elliott wave structure and the downward wave matrix with a pivot point at 4,550, a key level in the current wave for XAUUSD. At the moment, the market completed an upward wave to the upper boundary of the Price Envelope at 4,198. A decline to its lower boundary at 3,915 is expected afterwards.

Technical indicators for today's XAUUSD forecast suggest a drop to 3,915.

Brent forecast

On the H4 chart, Brent is forming a consolidation range around 72.51. Today, 7 July 2026, the market is expected to rise to 74.05 and then decline to 72.51. A downside breakout could extend the decline to 69.90. A recovery to 74.84 may then follow, with the potential for a further rally to 80.50. An immediate upside breakout would also open the way towards 80.50.

Technically, this scenario is confirmed by the Elliott wave structure and the downward wave matrix with a pivot point at 98.00, a key level in the current wave for Brent. At the moment, the market is forming a consolidation range around the central line of the Price Envelope at 72.51. A downside extension to 69.89 cannot be ruled out before a recovery to 74.84.

Technical indicators for today's Brent forecast suggest continued growth to 74.84.

BTCUSD forecast

On the H4 chart, BTCUSD completed an upward wave to 64,555. Today, 7 July 2026, the market may begin a downward wave towards 61,111. A consolidation range is effectively forming around this level. A downside breakout could extend the decline to 60,500, while an upside breakout would open the way for a rally to 66,720.

Technically, this scenario is confirmed by the Elliott wave structure and the downward wave matrix with a pivot point at 70,900, a key level in the current wave for BTCUSD. At the moment, the market completed an upward structure to the upper boundary of the Price Envelope at 64,555. A decline to its central line at 61,111 is expected afterwards.

Technical indicators for today's BTCUSD forecast suggest the downward wave could extend to 61,111.

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