Daily technical analysis and forecast for 31 July 2025

Here is a detailed daily technical analysis and forecast for EURUSD, USDJPY, GBPUSD, AUDUSD, USDCAD, XAUUSD and Brent for 31 July 2025.

EURUSD forecast

On the H4 chart of EURUSD, the market completed a downward wave to 1.1400. Today, 31 July 2025, a consolidation range is forming above this level. The range may expand upwards to 1.1455 and downwards to 1.1393. Afterwards, a correction to 1.1490 is possible, followed by a decline to 1.1200, a local target.

Technically, the Elliott wave structure and the matrix of the downward wave with a pivot point at 1.1490 confirm this scenario. This level is viewed as key in the EURUSD wave structure. The market is currently forming a downward wave to the lower boundary of the price Envelope at 1.1393. Once this target level is reached, a rise to the central line at 1.1490 is likely.

Technical indicators for today’s EURUSD forecast suggest a downward wave to 1.1393.

USDJPY forecast

On the H4 chart of USDJPY, the market completed an upward wave to 149.45. Today, 31 July 2025, a corrective leg down to 148.10 is possible. After that, a new upward leg to 150.30 is expected.

Technically, the Elliott wave structure and the matrix of the growth wave with a pivot point at 148.10 confirm this scenario. This level is considered key in this wave structure. The market completed a growth wave to the upper boundary of the price Envelope at 149.45. A pullback to its central line at 148.10 is not excluded, followed by a rise to the upper boundary at 150.30.

Technical indicators for today’s USDJPY forecast suggest a decline to 148.10, followed by a rise to 150.30.

GBPUSD forecast

On the H4 chart of GBPUSD, the market completed a downward wave to 1.3230. Today, 31 July 2025, a consolidation range is likely to form above this level. A short-term rise to 1.3270 is possible, followed by a decline to 1.3152 as a local target.

Technically, the Elliott wave structure and the matrix of the downward wave with a pivot point at 1.3370 confirm this scenario. This level remains key in the structure. The market is forming a downward wave to the lower boundary of the price Envelope at 1.3152. Later, a correction to the central line at 1.3370 will become relevant.

Technical indicators for today’s GBPUSD forecast suggest a move down to 1.3152.

AUDUSD forecast

On the H4 chart of AUDUSD, the market is forming a consolidation range around 0.6444. Today, 31 July 2025, if the price breaks upwards, a correction to 0.6555 is possible. If it breaks downwards, the downward wave could continue to 0.6408 as the first target.

Technically, the Elliott wave structure and the matrix of the AUDUSD downward wave with a pivot point at 0.6515 confirm this scenario. This level is seen as key in this wave structure. The market completed a downward wave to the lower boundary of the price Envelope at 0.6425. Next, a short-term rise to the central line at 0.6515 is possible, followed by a continued decline to the lower boundary at 0.6408.

Technical indicators for today’s AUDUSD forecast suggest a possible correction from 0.6420, followed by a decline to 0.6408.

USDCAD forecast

On the H4 chart of USDCAD, the market is forming a rising wave structure towards 1.3850. Today, 31 July 2025, the price is expected to reach this target level. Then, a correction to 1.3715 may begin.

Technically, the Elliott wave structure and the matrix of the growth wave with a pivot point at 1.3715 confirm this scenario. This level is seen as key in the wave structure of USDCAD. The market formed a consolidation range around the central line of the price Envelope at 1.3715 and broke out upwards. Today, the potential for growth towards the upper boundary at 1.3850 remains relevant.

Technical indicators for today’s USDCAD forecast suggest a move towards 1.3850.

XAUUSD forecast

On the H4 chart of XAUUSD, the market is forming a consolidation range around 3,290. The range has extended downwards to 3,268. Today, 31 July 2025, a rise to 3,300 is possible, followed by a decline to 3,256 as a local target.

Technically, the Elliott wave structure and the matrix of the downward wave with a pivot point at 3,345 confirm this scenario. This level is considered key in the XAUUSD wave structure. The market is developing a downward wave to the lower boundary of the price Envelope at 3,256. Afterwards, a rise to the central line at 3,345 is possible, followed by a drop to the lower boundary at 3,247.

Technical indicators for today’s XAUUSD forecast suggest a downward wave to 3,247.

Brent forecast

On the H4 chart of Brent crude, the market completed a growth wave to 72.65. Today, 31 July 2025, a consolidation range may form below this level. If the price breaks upwards, the wave may continue to 73.33, with the trend potentially extending to 76.00 as a local target.

Technically, the Elliott wave structure and the matrix of the growth wave with a pivot point at 71.80 confirm this scenario. This level remains key in Brent’s current wave. The market is forming a consolidation range around the central line of the price Envelope at 71.80. A short-term decline to 70.80 is possible, followed by a rise to the upper boundary at 73.33. Then, a move down to the central line at 70.80 may follow.

Technical indicators in today’s Brent forecast suggest a continued growth wave towards 73.33 and 76.00.