Daily technical analysis and forecast for 6 August 2026

Daily technical analysis and forecast for EURUSD, USDJPY, GBPUSD, AUDUSD, USDCAD, XAUUSD, US 500, and BTCUSD for 6 August 2026.

EURUSD forecast

On the EURUSD H4 chart, the market completed an upward wave towards 1.1557. Today, 6 August 2026, the beginning of a downward wave towards 1.1525 is forming. This will effectively establish the boundaries of a consolidation range around 1.1540. An upward breakout would open the potential for growth towards 1.1560, while a downward breakout would signal a continuation of the downtrend towards 1.1470 and possibly further to 1.1400, a local 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 EURUSD downward wave structure. The market has currently formed a consolidation range below the upper boundary of the Price Envelope at 1.1557. A downward breakout is expected to trigger a decline towards its central line at 1.1470. If this level is also broken, a downward wave towards 1.1400 is expected.

Technical indicators for today's EURUSD forecast suggest a drop towards 1.1470.

USDJPY forecast

On the USDJPY H4 chart, the market has broken above 157.22 and is developing a wave towards 158.12. Today, 6 August 2026, a decline towards 157.22 is possible. A consolidation range may then form above this level, possibly expanding upwards to 159.10 and then 160.50.

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 this wave. The market is currently forming a consolidation range around the lower boundary of the Price Envelope at 157.22. An upward breakout is expected today, opening the door for growth towards its upper boundary at 159.10.

Technical indicators for today's USDJPY forecast suggest a rise towards 159.10.

GBPUSD forecast

On the GBPUSD H4 chart, the market completed a downward wave structure towards 1.3454. Today, 6 August 2026, a consolidation range is expected to form around this level. An upward breakout could trigger a correction towards 1.3470. Subsequently, the price could dip to 1.3380, potentially edging lower towards a local target of 1.3333.

Technically, this scenario is confirmed by the Elliott wave structure and the downward wave matrix with a pivot point at 1.3300, a key level in this wave. A downward wave towards the central line of the Price Envelope at 1.3380 is forming today. A consolidation range is then expected to develop above this level, followed by a potential decline structure towards 1.3333.

Technical indicators for today's GBPUSD forecast suggest a downward wave could begin, targeting 1.3333.

AUDUSD forecast

On the AUDUSD H4 chart, the market completed a downward wave towards 0.7047 and an upward wave towards 0.7060. Today, 6 August 2026, a consolidation range is expected to form below this level. An upward breakout would pave the way for growth towards 0.7070, while a downward breakout would signal a downward wave towards 0.6989.

Technically, this scenario is confirmed by the Elliott wave structure and the AUDUSD downward wave matrix with a pivot point at 0.7200, a key level in this wave. The market has currently completed an upward wave towards the upper boundary of the Price Envelope at 0.7063. A consolidation range is forming below it today. A downward wave towards its lower boundary at 0.6989 is expected to begin.

Technical indicators for today's AUDUSD forecast suggest a downward wave towards 0.6989.

USDCAD forecast

On the USDCAD H4 chart, the market completed a downward wave towards 1.4002 and an upward wave towards 1.4015. Today, 6 August 2026, a consolidation range is expected to develop below this level. A downward breakout would open the way towards 1.3988. Alternatively, an upward breakout would signal a continued upward movement towards 1.4033 and possibly further to 1.4055.

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 for USDCAD in this wave. The market is currently forming a consolidation range around the central line of the Price Envelope at 1.4033. A downward breakout towards its lower boundary at 1.3988 is expected next. Subsequently, the pair is expected to continue its upward trajectory towards the upper boundary at 1.4080.

Technical indicators for today's USDCAD forecast suggest a decline towards 1.3988, followed by the beginning of growth towards 1.4080.

XAUUSD forecast

On the XAUUSD H4 chart, the market is developing an upward wave towards 4,302. Today, 6 August 2026, a consolidation range is expected to develop below this level. The downward wave could then continue towards 4,121, followed by growth towards 4,210 and a continuation of the downtrend to 3,904, 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 for XAUUSD in this wave. The market has currently completed an upward wave towards the upper boundary of the Price Envelope at 4,302. A consolidation range is expected to develop below it. A downward breakout could push the price down to its lower boundary at 3,904.

Technical indicators for today's XAUUSD forecast suggest a downward wave could begin, targeting 3,904.

US 500 forecast

On the US 500 H4 chart, the market broke upwards out of a consolidation range and completed an upward wave structure towards 7,798. Today, 6 August 2026, a consolidation range may develop below this level. A downward breakout would open the door for a decline towards 7,713, while an upward breakout would signal growth towards 7,817, followed by a decline to 7,610.

Technically, this scenario is confirmed by the Elliott wave structure and the downward wave matrix with a pivot point at 7,480, a key level for the US 500 in this wave. The market is currently forming an upward wave towards the upper boundary of the Price Envelope at 7,817. A correction towards 7,610 is expected next.

Technical indicators for today's US 500 forecast suggest continued growth towards 7,817.

BTCUSD forecast

On the BTCUSD H4 chart, the market is forming a consolidation range around 63,733. Today, 6 August 2026, an upward breakout is extending the upward wave towards 65,222. After reaching this level, a decline towards 63,333 is expected.

Technically, this scenario is confirmed by the Elliott wave structure and the upward wave matrix with a pivot point at 63,000, a key level for BTCUSD in this wave. The market is currently forming a consolidation range around the central line of the Price Envelope at 63,780. An upward breakout and growth towards its upper boundary at 65,222 are expected, followed by a decline towards its lower boundary at 61,550.

Technical indicators for today's BTCUSD forecast suggest continued growth towards 65,222 and the beginning of a decline to 61,550.

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