EURUSD, USDJPY, GBPUSD, AUDUSD, USDCAD, XAUUSD, and Brent technical analysis and forecast for 17 January 2025
Here is a detailed daily technical analysis and forecast for EURUSD, USDJPY, GBPUSD, AUDUSD, USDCAD, XAUUSD, and Brent for 17 January 2025.
EURUSD forecast
On the H4 chart, EURUSD completed a corrective structure to 1.0315 and is currently forming a new downward wave targeting 1.0200. On 17 January 2025, a decline to 1.0250 is expected. If the market breaks below this level, further movement to 1.0200 is likely, with an extension to 1.0160. After reaching this level, a correction back to 1.0250 may follow before a further downward wave to 1.0050.
Technically, this scenario aligns with the Elliott Wave structure and the fifth-wave downward matrix centred at 1.0340, which is the crucial level for EURUSD. The market is shaping a downward wave towards the lower boundary of the price Envelope at 1.0160. After reaching this point, a correction to the central line at 1.0250 is likely.
Technical indicators for today’s EURUSD forecast suggest potential declines to 1.0250, 1.0200, and 1.0160.
USDJPY forecast
On the H4 chart, USDJPY broke below 157.00 and completed a downward wave to 155.00. On 17 January 2025, a consolidation range above this level is expected. If the market breaks upward, a wave towards 156.70 is anticipated. Conversely, a downward breakout could result in a decline to 154.70, with a potential extension to 153.60.
Technically, this scenario reflects the Elliott Wave structure and the correction matrix centred at 156.70. The market is near the lower boundary of the price Envelope, with the potential to rise to its central line at 156.70 before another downward move to 154.70.
Technical indicators for today’s USDJPY forecast suggest a potential correction to 154.70.
GBPUSD forecast
On the H4 chart, GBPUSD remains within a consolidation range near 1.2222 without a definitive trend. On 17 January 2025, a downward breakout could lead to a move towards 1.2050, while an upward breakout could initiate a new growth wave to 1.2333. This level represents the main target for the correction. Once the correction is completed, a new downward wave to 1.2050 may develop.
Technically, this scenario aligns with the Elliott Wave structure and the downward wave matrix centred at 1.2333. The market is consolidating below the central line of the price Envelope, with a downward wave towards the lower boundary at 1.2050 anticipated.
Technical indicators for today’s GBPUSD forecast suggest a potential growth wave to 1.2333, followed by a decline to 1.2050.
AUDUSD forecast
On the H4 chart, AUDUSD is consolidating around 0.6200. On 17 January 2025, a decline to 0.6180 is anticipated. After reaching this level, a new upward wave towards 0.6280 is possible. Subsequently, a downward structure towards 0.6120 may develop, with this level being the initial target.
Technically, this scenario aligns with the Elliott Wave structure and the downward wave matrix for the AUDUSD rate centred at 0.6200. The market is consolidating near the central line of the price Envelope at 0.6200. A potential rise towards the upper boundary at 0.6280 may occur before a move towards the lower boundary at 0.6120.
Technical indicators for today’s AUDUSD forecast suggest potential growth to 0.6280, followed by a decline to 0.6120.
USDCAD forecast
On the H4 chart, USDCAD consolidated around 1.4360 and broke upwards, continuing its growth towards 1.4416. This target level is expected to be reached on 17 January 2025, with a possible extension to 1.4430. Subsequently, a downward wave towards 1.4273 is likely, with this level identified as the target for the decline.
Technically, this scenario aligns with the Elliott Wave structure and the downward wave matrix centred at 1.4355, which is a crucial level for USDCAD. The market has reached the lower boundary of the price Envelope at 1.4302 and is forming a growth wave towards the upper boundary at 1.4430.
Technical indicators for today’s USDCAD forecast suggest a continuation of the growth wave to 1.4430.
XAUUSD forecast
On the H4 chart, XAUUSD consolidated around 2,689 and broke upwards, completing a growth wave to 2,724. On 17 January 2025, a new consolidation range below this level is expected. An upward breakout may lead to a move towards 2,730, while a downward breakout could trigger a correction to 2,656.
Technically, this scenario aligns with the Elliott Wave structure and the growth wave matrix centred at 2,656. The market is consolidating near the central line of the price Envelope. After reaching the upper boundary at 2,724, a downward move to the lower boundary at 2,656 is possible.
Technical indicators for today’s XAUUSD forecast suggest potential declines to 2,690 and 2,656.
Brent forecast
On the H4 chart, Brent crude is consolidating around 80.35. On 17 January 2025, further growth towards 82.66 is anticipated. After reaching this level, a correction back to 80.35 (retesting from above) may occur, followed by continued growth towards 86.46 as the local target.
Technically, this scenario reflects the Elliott Wave structure and the growth wave matrix centred at 80.35, which is key for Brent. Growth towards the upper boundary of the price Envelope at 86.46 is expected, with the possibility of a correction to the lower boundary at 80.35 afterwards.
Technical indicators for today’s Brent forecast suggest continued growth to 82.66 and 86.46.