Daily technical analysis and forecast for 7 August 2026

Daily technical analysis and forecast for EURUSD, USDJPY, GBPUSD, AUDUSD, USDCAD, XAUUSD, US 500, and BTCUSD for 7 August 2026.

EURUSD forecast

On the EURUSD H4 chart, the market completed an upward wave towards 1.1557 and declined to 1.1514. Today, 7 August 2026, a consolidation range is forming above this level. An upward breakout from the range will open the potential for growth towards 1.1540, while a downward breakout will signal continued downward momentum 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 from this range 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 decline towards 1.1470.

USDJPY forecast

On the USDJPY H4 chart, the market broke above 157.87 and completed a wave towards 158.56. Today, 7 August 2026, a corrective phase towards 157.87 is possible. A consolidation range could then form above this level, possibly expanding upwards to 159.49 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 structure. The market is currently forming a consolidation range around the lower boundary of the Price Envelope at 157.87. An upward breakout is expected today, with growth potential developing towards its upper boundary at 159.49.

Technical indicators for today's USDJPY forecast suggest growth towards 159.49.

GBPUSD forecast

On the GBPUSD H4 chart, the market completed a downward wave structure to 1.3446. Today, 7 August 2026, a consolidation range is expected to form around this level. An upward breakout could lead to a corrective movement towards 1.3480. A decline towards 1.3405 is then expected, with the trend potentially continuing towards 1.3333, a local target.

Technically, this scenario for GBPUSD is confirmed by the specified Elliott wave structure and the downward wave matrix with a pivot point at 1.3300, a key level in this wave structure. A downward wave towards the central line of the Price Envelope at 1.3405 is forming today. A consolidation range is then expected to develop above this level, followed by a downward 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 to 0.7022. Today, 7 August 2026, a consolidation range is expected to form above this level. An upward breakout will open the door for growth towards 0.70440, while a downward breakout will signal a downward wave towards 0.7000 and then 0.6955.

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 structure. The market has currently completed a downward wave towards the central line of the Price Envelope at 0.7022. A consolidation range is forming above it today. An upward move towards 0.7044 is possible, followed by a downward wave towards its lower boundary at 0.6955.

Technical indicators for today's AUDUSD forecast suggest a downward wave towards 0.6955.

USDCAD forecast

On the USDCAD H4 chart, the market completed an upward move towards 1.4037 and a corrective wave to 1.4009. Today, 7 August 2026, a consolidation range is expected to develop above this level. A downward breakout will open the way towards 1.3990. Alternatively, an upward breakout will signal continued upward movement towards 1.4085 and possibly further to 1.4112.

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 structure. The market is currently forming a consolidation range around the central line of the Price Envelope at 1.4037. A decline towards its lower boundary at 1.4009 is then expected. After that, the upward wave could continue towards its upper boundary at 1.4085.

Technical indicators for today's USDCAD forecast suggest a rise towards 1.4085.

XAUUSD forecast

On the XAUUSD H4 chart, the market is forming an upward wave towards 4,302. Today, 7 August 2026, a consolidation range is expected to develop below this level. Subsequently, a correction towards 4,222 is likely, followed by growth towards a local target of 4,490.

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 then expected to develop below it. A downward breakout could trigger a correction towards its central line at 4,222, followed by growth towards its upper boundary at 4,490.

Technical indicators for today's XAUUSD forecast suggest a correction towards 4,222, followed by the beginning of an upward wave towards 4,490.

US 500 forecast

On the US 500 H4 chart, the market completed an upward wave structure towards 7,798. Today, 7 August 2026, a consolidation range is expected to develop below this level. A downward breakout from the range will signal a decline towards 7,653, while an upward breakout will pave the way for growth towards 7,900, followed by a decline to 7,600.

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 a corrective wave towards the central line of the Price Envelope at 7,653. An upward move towards 7,900 is then expected.

Technical indicators for today's US 500 forecast suggest a correction towards 7,653, followed by the beginning of growth towards 7,817.

BTCUSD forecast

On the BTCUSD H4 chart, the market is forming a consolidation range around 63,770. Today, 7 August 2026, an upward breakout is extending the upward wave towards 65,260. After reaching this level, the price could dip towards 63,770.

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 63,770. An upward breakout and growth towards its upper boundary at 65,260 are expected, with a decline towards its lower boundary at 61,550 anticipated next.

Technical indicators for today's BTCUSD forecast suggest a continued rise towards 65,260, followed by the beginning of a decline to 61,550.

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