EURUSD, USDJPY, GBPUSD, AUDUSD, USDCAD, XAUUSD, and Brent technical analysis and forecast for 9 January 2025
Here is a detailed daily technical analysis and forecast for EURUSD, USDJPY, GBPUSD, AUDUSD, USDCAD, XAUUSD, and Brent for 9 January 2025.
EURUSD forecast
On the H4 chart, EURUSD completed a downward wave to the 1.0223 level, followed by a correction to 1.0434. As of today, 9 January 2025, the pair is forming the structure of another downward wave towards 1.0190. The market has reached 1.0273, consolidating within a range above this level. If the price breaks below this range, it will likely develop a wave towards 1.0200, which serves as a local target. Once this is reached, a correction towards 1.0313 is possible. Subsequently, further development of a wave towards 1.0190 is anticipated, marking the first key target.
Technically, this scenario is supported by the Elliott wave structure and the matrix for the downward wave, centred at 1.0343, which is considered pivotal for the EURUSD rate in this wave of decline. The market has currently rebounded downwards from the central line of the price Envelope at 1.0434 and continues to develop the structure of the downward wave towards the lower boundary at 1.0190.
Technical indicators for today’s EURUSD forecast suggest a likelihood of further decline towards the 1.0200 level.
USDJPY forecast
On the H4 chart, USDJPY is forming a broad consolidation range around the 157.33 level. As of today, 9 January 2025, the range has expanded upwards to 158.54. Further, a potential decline towards 157.33 (test from above) is expected. After this, the price is likely to rise towards 158.63. Upon reaching this level, the beginning of a downward wave towards 156.00 is possible.
Technically, this scenario for the USDJPY rate is supported by the Elliott wave structure and the growth wave matrix, centred at 157.33. Currently, the market is near the upper boundary of the price Envelope, potentially reaching the upper boundary at 158.63. Subsequently, the start of a downward wave towards the lower boundary at 156.00 is possible.
Technical indicators for today’s USDJPY forecast suggest a potential rise towards 158.63.
GBPUSD forecast
On the H4 chart, GBPUSD completed a downward wave to 1.2335 and a correction to 1.2568. As of today, 9 January 2025, the market has formed a downward wave towards 1.2323, the estimated target. The structure of this wave increases the likelihood of an extension towards 1.2230. Upon reaching this level, a correction to 1.2400 is possible.
Technically, this scenario for the GBPUSD rate is supported by the Elliott wave structure and the wave matrix centred at 1.2568. Currently, the market has rebounded from the upper boundary of the price Envelope at 1.2568 and completed a downward wave to its lower boundary at 1.2323, the primary target. The potential for the downward wave to reach the primary target at 1.2323 is nearly exhausted. The shape and structure of the final fifth wave of decline suggest a possibility of its extension to 1.2230.
Technical indicators for today’s GBPUSD forecast suggest a continued decline towards 1.2230.
AUDUSD forecast
On the H4 chart, AUDUSD completed a downward wave to 0.6188 and a correction to 0.6300. As of today, 9 January 2025, a new downward wave towards 0.5929 is likely. The first part of this wave is currently forming, with a target at 0.6125, after which a correction to 0.6215 is possible.
Technically, this scenario is supported by the Elliott wave structure and the downward wave matrix for the AUDUSD rate, centred at 0.6434. The market has currently achieved the local target of the downward wave at the lower boundary of the price Envelope (0.6188) and completed a correction to its upper boundary (0.6300). Today, the focus is on the development of a downward wave towards the lower boundary of the Envelope at 0.6125. This could be followed by a correction to its central line at 0.6215.
Technical indicators for today’s AUDUSD forecast suggest a decline towards 0.6140 and 0.6125.
USDCAD forecast
On the H4 chart, USDCAD is forming a broad consolidation range around the 1.4370 level without a clearly defined trend. As of today, 9 January 2025, the range is expected to expand upwards towards 1.4424. Further, the market is likely to return to 1.4370. If the range breaks upwards, it could pave the way for a growth wave targeting 1.4494. Conversely, a downward breakout may lead to a correction towards 1.4270.
Technically, this scenario is supported by the Elliott wave structure and the wave matrix centred at 1.4370, which is pivotal for the growth wave in the USDCAD rate. The market is currently consolidating near the upper boundary of the price Envelope. A decline towards its lower boundary at 1.4270 is expected. If this boundary is breached, the potential for further decline towards 1.4040 will emerge.
Technical indicators for today’s USDCAD forecast suggest a continuation of the upward wave towards 1.4424.
XAUUSD forecast
On the H4 chart, XAUUSD is forming a broad consolidation range around the 2,630 level. As of today, 9 January 2025, a rise towards 2,679 is anticipated. Subsequently, a decline towards 2,630 may occur. If the price breaks out of this range downwards, a wave towards 2,600 may develop, with the potential for the trend to extend to 2,576.
Technically, this scenario is supported by the Elliott wave structure and the wave matrix centred at 2,630, pivotal for the corrective wave in the XAUUSD rate. The wave is likely to continue towards the upper boundary of the price Envelope at 2,680, after which a decline towards the lower boundary at 2,600 is possible.
Technical indicators for today’s XAUUSD forecast suggest a rise towards 2,680 and a subsequent decline towards 2,630.
Brent forecast
On the H4 chart, Brent crude oil completed a wave of growth towards 76.00. As of today, 9 January 2025, a consolidation range is forming around this level. The market has currently expanded this range upwards to 77.56. A decline towards 74.50 is possible. However, an upward breakout from this consolidation range towards 80.40 is also likely, with the local target at this level. After reaching this target, a correction towards 76.00 is anticipated.
Technically, this scenario is supported by the Elliott wave structure and the wave matrix centred at 76.00, which is considered pivotal for the Brent rate around the central line of the price Envelope. Further growth towards the upper boundary of the price Envelope at 80.40 is expected.
Technical indicators for today’s Brent forecast suggest a decline towards 74.50 and, subsequently, growth towards 80.40.
