Daily technical analysis and forecast for 16 July 2026

Here is a detailed daily technical analysis and forecast for EURUSD, USDJPY, GBPUSD, AUDUSD, USDCAD, XAUUSD, Brent and BTCUSD for 16 July 2026.

EURUSD forecast

On the H4 chart, the EURUSD pair completed an upward wave towards 1.1480. Today, 16 July 2026, the market is forming a narrow consolidation range below this level. A downside breakout is expected, followed by a continued downward move towards 1.1425, 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 EURUSD downward wave. The market formed a consolidation range around the central line of the Price Envelope at 1.1425 and, following an upside breakout, completed an upward wave towards its upper boundary at 1.1480. A decline towards its lower boundary at 1.1380 is expected next.

Technical indicators for today's EURUSD forecast suggest a decline towards 1.1380.

USDJPY forecast

On the H4 chart, the USDJPY pair found support at 161.87 and began to develop an upward wave towards 162.34. Today, 16 July 2026, the market is expected to reach this level. A consolidation range may then form below it. A downward move towards 162.00 is possible, followed by a rally to 163.00, with the uptrend potentially extending to 163.40. A new consolidation range may subsequently 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. The market is currently forming a consolidation range around 162.34. A downside breakout would open the way towards the lower boundary of the Price Envelope at 161.85, while an upside breakout would pave the way for a move towards its upper boundary at 163.40.

Technical indicators for today's USDJPY forecast suggest a rally towards 163.40.

GBPUSD forecast

On the H4 chart, the GBPUSD pair broke above 1.3434 and completed an upward wave towards 1.3555. Today, 16 July 2026, the market is expected to form a broad consolidation range around this level, which may extend upwards to 1.3575. A downward wave towards 1.3474 may then begin.

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 is forming an upward wave towards the upper boundary of the Price Envelope at 1.3555. A downward structure towards its central line at 1.3474 is expected next.

Technical indicators for today's GBPUSD forecast suggest a rise towards 1.3555, followed by a decline to 1.3474.

AUDUSD forecast

On the H4 chart, the AUDUSD pair completed an upward wave towards 0.7020. Today, 16 July 2026, the market is expected to develop a consolidation range below this level. An upside breakout would open the door for a rally towards 0.7027, while a downside breakout would signal a downward wave towards 0.6967.

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. The market completed an upward wave towards the upper boundary of the Price Envelope at 0.7020. A decline towards its lower boundary at 0.6967 is expected next, followed by a rally towards 0.7027.

Technical indicators for today's AUDUSD forecast suggest the upward wave could continue towards 0.7027.

USDCAD forecast

On the H4 chart, the USDCAD pair completed a downward wave towards 1.4025. Today, 16 July 2026, the market is expected to develop a consolidation range around this level. A downside breakout would open the way towards 1.4017. Alternatively, an upside breakout would signal continued upward movement towards 1.4141 and possibly further to 1.4200.

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. The market completed a downward structure towards the lower boundary of the Price Envelope at 1.4025. A consolidation range is expected to form around this level. A downside breakout would open the way towards 1.4017, while an upside breakout would signal the continuation of the upward wave towards its upper boundary at 1.4141.

Technical indicators for today's USDCAD forecast suggest a rally towards 1.4141.

XAUUSD forecast

On the H4 chart, XAUUSD completed an upward wave towards 4,080. Today, 16 July 2026, the market is expected to form a downward wave towards 4,011. A rally to 4,060 may then follow, before the downtrend continues towards 3,920, 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. The market is currently developing a downward wave towards the lower boundary of the Price Envelope at 3,920. A rally towards its central line at 4,060 is expected next.

Technical indicators for today's XAUUSD forecast suggest a decline towards 3,920.

Brent forecast

On the H4 chart, Brent completed an upward wave, reaching 86.00. Today, 16 July 2026, the market may develop a consolidation range below this level. A further upward move towards 87.80 is possible, followed by a decline to 81.15. This will effectively establish the boundaries of a consolidation range around 81.15. A downside breakout from this range could extend the decline towards 75.65. A rally towards 87.80 may then follow, with the potential for the upward wave to continue towards 92.75. An immediate upside breakout would open the way towards 92.75.

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. The market is currently forming a consolidation range around the upper boundary of the Price Envelope at 84.70. An upward move towards 87.80 is expected next, followed by a decline towards its central line at 81.15.

Technical indicators for today's Brent forecast suggest a rally towards 87.80, followed by a drop to 81.15.

BTCUSD forecast

On the H4 chart, BTCUSD completed an upward wave towards 65,600. Today, 16 July 2026, the market is forming a consolidation range around 65,000. A downside breakout could trigger a downward move towards 63,800, while an upside breakout would open the way towards 68,000.

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. The market completed an upward structure towards the upper boundary of the Price Envelope at 65,600. A decline towards its central line at 63,700 is expected next.

Technical indicators for today's BTCUSD forecast suggest a decline towards 63,700.

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