EURUSD, USDJPY, GBPUSD, AUDUSD, USDCAD, XAUUSD, and Brent technical analysis and forecast for 7 March 2025

Here is a detailed daily technical analysis and forecast for EURUSD, USDJPY, GBPUSD, AUDUSD, USDCAD, XAUUSD, and Brent for 7 March 2025.

EURUSD forecast

On the H4 chart, EURUSD is forming a consolidation range around 1.0800. Today, 7 March 2025, the range is expected to extend downwards to 1.0750. Later, a growth wave towards 1.0800 (testing from below) is possible. If the range breaks down, a downward wave towards 1.0600 may develop. After reaching this level, a correction to 1.0700 is anticipated.

Technically, this scenario is supported by the Elliott wave structure and the growth wave matrix with a pivot point at 1.0600, considered key for EURUSD. The market has already completed a growth wave to the upper boundary of the price Envelope at 1.0850. A downward wave towards 1.0600 is expected.

Technical indicators for today's EURUSD forecast suggest the probability of a decline to 1.0600.

USDJPY forecast

On the H4 chart, USDJPY completed a downward wave to 152.50. Today, 7 March 2025, a consolidation range is forming around this level, followed by a breakdown. The downward wave may continue towards 146.86, with a correction towards 150.85. A further decline towards 148.11 is possible after reaching 150.85.

Technically, this scenario for USDJPY is confirmed by the Elliott wave structure and the downward wave matrix with a pivot point at 154.58. The market is currently in a downward wave towards the lower boundary of the price Envelope at 146.86. After reaching this level, a growth wave towards 150.85 may begin.

Technical indicators for today's USDJPY forecast suggest the probability of a decline to 146.86.

GBPUSD forecast

On the H4 chart, GBPUSD is consolidating around 1.2888. Today, 7 March 2025, a breakdown is expected, leading to an initial downward wave to 1.2850. Later, a growth wave towards 1.2888 (testing from below) is possible. If the range breaks down, the downward wave could extend to 1.2717, with a potential correction back to 1.2818.

Technically, this scenario for GBPUSD is confirmed by the Elliott wave structure and the growth wave matrix with a pivot point at 1.2717. Currently, the market is forming a growth wave towards the upper boundary of the price Envelope at 1.2920. A downward wave towards 1.2717 is expected.

Technical indicators for today's GBPUSD forecast suggest the probability of a decline to 1.2717.

AUDUSD forecast

On the H4 chart, AUDUSD completed a growth wave to 0.6370. Today, 7 March 2025, a consolidation range is forming around this level. If the range breaks down, a downward wave to 0.6282 may follow. After reaching this level, a growth wave to 0.6330 is expected. A further downward movement to 0.6250 is possible, with a continuation of the trend towards 0.6200.

Technically, this scenario is supported by the Elliott wave structure and the downward wave matrix for AUDUSD, with a pivot point at 0.6276. The market has already broken out of the consolidation range upwards to 0.6370. A downward wave towards 0.6200 is expected.

Technical indicators for today's AUDUSD forecast suggest the probability of a decline to 0.6210.

USDCAD forecast

On the H4 chart, USDCAD completed a decline to 1.4150. Today, 7 March 2025, a consolidation range is forming around this level. If the range breaks upwards, a growth wave to 1.4488 is possible. A downward breakout could extend the decline to 1.3990.

Technically, this scenario is confirmed by the Elliott wave structure and the downward wave matrix with a pivot point at 1.4383, considered a key level for USDCAD. The market is currently in a downward wave towards the lower boundary of the price Envelope at 1.4150. After this level is reached, a growth wave towards 1.4488 is likely.

Technical indicators for today's USDCAD forecast suggest the probability of a growth wave to 1.4488.

XAUUSD forecast

On the H4 chart, XAUUSD is consolidating around 2,907 USD. Today, 7 March 2025, a breakdown of this range could lead to a correction to 2,880 USD. Later, a growth wave to 2,930 USD is expected. If this level is broken upwards, a continuation towards 2,974 USD is possible. After reaching this level, a correction back to 2,865 USD is likely.

Technically, this scenario is confirmed by the Elliott wave structure and the growth wave matrix with a pivot point at 2,865 USD. The market has completed a growth wave to 2,930 USD, and after reaching this level, a correction towards the lower boundary of the price Envelope at 2,880 USD is expected.

Technical indicators for today's XAUUSD forecast suggest the probability of a decline to 2,880 USD.

Brent forecast

On the H4 chart, Brent completed a downward wave to 68.20 and is now consolidating around this level. Today, 7 March 2025, an upward breakout from this range may lead to a growth wave towards 73.33. A correction to 71.15 is possible after this level is reached. If the range breaks downwards, the trend may continue towards 65.90.

Technically, this scenario is supported by the Elliott wave structure and the downward wave matrix with a pivot point at 73.33. The market is currently in a downward wave towards the lower boundary of the price Envelope at 68.20. After reaching this level, an upward wave towards 73.33 is expected.

Technical indicators for today's Brent forecast suggest the probability of a growth wave to 73.33.