EURUSD, USDJPY, GBPUSD, AUDUSD, USDCHF, NZDUSD, and USDCAD technical analysis and forecast for 21 - 25 October 2024

Here is a detailed weekly technical analysis and forecast for EURUSD, USDJPY, GBPUSD, AUDUSD, USDCHF, NZDUSD, and USDCAD for 21 - 25 October 2024.

EURUSD forecast

The EURUSD pair continues its downward momentum towards 1.0770, the first estimated target. After the price reaches this level, a correction is expected, aiming for at least 1.0990 (testing from below). A broad consolidation range has formed around 1.0990. Once the correction is complete, another downward wave is expected to develop, aiming for 1.0550 and potentially towards 1.0335.

USDJPY forecast

The USDJPY pair has formed a consolidation range around 147.46, and with an upward breakout, it may continue a growth wave towards the local target of 153.33. The upward movement towards 150.30 has been completed. Following a minor correction towards 148.85, the price is expected to rise to 151.22, potentially continuing towards 153.33. After the price reaches this level, a more significant corrective wave will likely target 147.47. Subsequently, a growth wave towards 155.00 is expected.

GBPUSD forecast

The GBPUSD pair maintains its downward trajectory towards 1.2938, with a consolidation range currently forming around 1.3030. A correction could follow if there is an upward breakout, targeting 1.3130. In the event of a downward breakout, the wave is expected to continue towards 1.2938, the first estimated target. After the price reaches this level, a more substantial correction towards 1.3180 (testing from below) could begin. Subsequently, a downward wave is expected, aiming for 1.2487 as the local estimated target.

AUDUSD forecast

The AUDUSD pair continues its downward momentum towards 0.6638, the first target. A narrow consolidation range has now formed around 0.6700. If there is an upward breakout, a correction towards 0.6790 is expected. With a downward breakout, the wave could continue towards 0.6638. A more substantial correction could follow after the price reaches this level, targeting 0.6812. Subsequently, a new downward wave is expected to develop, aiming for 0.6484 as the local estimated target. Once the price reaches this level, a correction towards 0.6640 could start (testing from below). Later, another downward wave will likely begin, with the target at 0.6320.

USDCHF forecast

The USDCHF pair broke above the 0.8640 level, and a growth wave developed towards 0.8740. A compact consolidation range has formed around 0.8650. If there is an upward breakout, the trend is expected to continue towards 0.8740. Subsequently, a more significant correction towards 0.8568 is possible (testing from below). Next, a new growth wave could begin, aiming for 0.8765 as the first target. If there is a downward breakout, a correction towards 0.8600 might develop. Subsequently, the growth wave is expected to continue towards 0.8765.

NZDUSD forecast

The NZDUSD pair continues its downward trajectory towards 0.5980, with a consolidation range forming today around 0.6050. A correction could begin with a breakout above the range, aiming for 0.6110. Once the correction is complete, the price might decline to 0.5980, the first target. After the price reaches this level, a more substantial correction towards 0.6200 could follow. Subsequently, a new downward wave is expected to develop towards 0.5848.

USDCAD forecast

The USDCAD pair received support at 1.3746 and is continuing its upward movement towards 1.3880. This week, the price could reach this target level and start to form a new consolidation range below it. If there is an upward breakout, the trend could continue towards 1.3960, the local target. If there is a downward breakout, a correction towards 1.3650 is possible (testing from above). Subsequently, the growth wave is expected to continue towards 1.3960.