EURUSD, USDJPY, GBPUSD, AUDUSD, USDCAD, XAUUSD, and Brent technical analysis and forecast for 23 January 2025

Here is a detailed daily technical analysis and forecast for EURUSD, USDJPY, GBPUSD, AUDUSD, USDCAD, XAUUSD, and Brent for 23 January 2025.

EURUSD forecast

On the H4 chart, EURUSD completed a growth wave to 1.0454 and began a decline. On 23 January 2025, a decrease to the target level of 1.0377 is expected. After reaching this level, a rebound to 1.0410 may follow. Subsequently, the market may develop a downward wave to 1.0300.

Technically, this scenario aligns with the Elliott Wave structure and the first-wave growth matrix centred at 1.0300, which is key for EURUSD. The market is shaping a downward wave towards the central line of the price Envelope at 1.0300. After reaching this level, a rebound to the upper boundary at 1.0377 is likely.

Technical indicators for today’s EURUSD forecast suggest potential declines to 1.0377 and 1.0300.

USDJPY forecast

On the H4 chart, USDJPY completed a growth wave to 156.69. On 23 January 2025, a decline to 155.60 is anticipated. If this level is broken downwards, the market could continue declining to 154.20 as the first target. After reaching this level, growth to 156.56 may follow.

Technically, this scenario aligns with the Elliott Wave structure and the correction matrix centred at 156.56. The market is retracing from the central line of the price Envelope at 156.69 and is expected to move towards its lower boundary at 154.20.

Technical indicators for today’s USDJPY forecast suggest a potential correction to 154.20.

GBPUSD forecast

On the H4 chart, GBPUSD completed a growth wave to 1.2374. On 23 January 2025, a decline to 1.2222 is expected. After reaching this level, a rebound to 1.2290 may occur, with a consolidation range likely forming around this level. An upward breakout could lead to growth towards 1.2487 as the local target, while a downward breakout might extend the decline to 1.2160.

Technically, this scenario aligns with the Elliott Wave structure and the first-wave growth matrix centred at 1.2222. The market has reached the upper boundary of the price Envelope at 1.2374 and is expected to move towards its central line at 1.2222.

Technical indicators for today’s GBPUSD forecast suggest a decline to 1.2222.

AUDUSD forecast

On the H4 chart, AUDUSD completed a growth wave to 0.6292. On 23 January 2025, a decline to 0.6248 is expected. If this level is broken downwards, further movement to 0.6200 is possible. Subsequently, a rebound to 0.6248 may follow.

Technically, this scenario aligns with the Elliott Wave structure and the growth wave matrix centred at 0.6200. The market has completed its first growth wave to the upper boundary of the price Envelope at 0.6292. A potential decline to the central line at 0.6200 is anticipated.

Technical indicators for today’s AUDUSD forecast suggest a decline to 0.6200.

USDCAD forecast

On the H4 chart, USDCAD completed a growth wave to 1.4400. On 23 January 2025, a new downward wave to 1.4255 is expected as the first target. After reaching this level, a rebound to 1.4384 may occur.

Technically, this scenario aligns with the Elliott Wave structure and the correction matrix centred at 1.4384, which is key for USDCAD. The market has completed a growth wave to the central line of the price Envelope at 1.4384, with a subsequent decline to its lower boundary at 1.4255 likely.

Technical indicators for today’s USDCAD forecast suggest a potential decline to 1.4255.

XAUUSD forecast

On the H4 chart, XAUUSD completed a growth wave to 2,761. On 23 January 2025, a new downward wave to 2,724 is expected. If this level is broken downwards, further movement to 2,689 is possible. After this decline, a new growth wave to 2,797 may follow as the local target.

Technically, this scenario aligns with the Elliott Wave structure and the growth wave matrix centred at 2,689. The market has reached the upper boundary of the price Envelope at 2,761 and is expected to decline towards its central line at 2,724.

Technical indicators for today’s XAUUSD forecast suggest potential declines to 2,724 and 2,689.

Brent forecast

On the H4 chart, Brent crude is consolidating around 78.55. On 23 January 2025, growth to 79.37 (retesting from below) is possible. After reaching this level, a new downward wave to 77.00 is anticipated.

Technically, this scenario aligns with the Elliott Wave structure and the correction matrix centred at 79.37, which is key for Brent. The market has completed a downward wave to the lower boundary of the price Envelope at 77.87, with potential growth towards its central line at 79.37 before resuming its decline to 77.00.

Technical indicators for today’s Brent forecast suggest potential growth to 79.37, followed by a decline to 77.00.