Daily technical analysis and forecast for 4 August 2025

Here is a detailed daily technical analysis and forecast for EURUSD, USDJPY, GBPUSD, AUDUSD, USDCAD, XAUUSD and Brent for 4 August 2025.

EURUSD forecast

On the H4 chart of EURUSD, the market continues to develop a narrow consolidation range around 1.1550. Today, 4 August 2025, the range could expand upwards to 1.1670 and downwards to 1.1347 as the first target before returning to 1.1550, the second target.

Technically, the Elliott wave structure and the downward wave matrix with a pivot point at 1.1550 confirm this scenario. This level is viewed as the key point within the EURUSD wave structure. At the moment, the market is forming a corrective wave towards the price Envelope’s upper boundary at 1.1670. After reaching this level, the pair could dip to the lower boundary at 1.1347.

Technical indicators for today’s EURUSD forecast suggest a correction wave towards 1.1670, followed by a downward wave to 1.1347.

USDJPY forecast

On the H4 chart of USDJPY, the market continues developing a correction towards 146.52. Today, 4 August 2025, this target level may be reached. Then, a growth wave towards 149.80 is expected, with potential development of a rising structure to 153.14.

Technically, the Elliott wave structure and the growth wave matrix with a pivot point at 148.52 confirm this scenario for USDJPY. This level remains the key point in the wave structure. Currently, the market has completed a growth structure to the price Envelope’s upper boundary at 150.90. Today, it is forming a correction towards the lower boundary at 146.52. Afterwards, a rise towards the upper boundary at 153.14 is expected.

Technical indicators for today’s USDJPY forecast suggest the completion of the correction at 146.52 and the start of a growth wave to 153.14.

GBPUSD forecast

On the H4 chart of GBPUSD, the market completed a downward wave towards 1.3141, a local target. Today, 4 August 2025, a correction towards 1.3366 (testing from below) is possible, followed by a decline to 1.2942.

Technically, the Elliott wave structure and the downward wave matrix with a pivot point at 1.3366 confirm this scenario. This remains the key point in the wave structure. Currently, the market has moved to the lower boundary of the price Envelope at 1.3141. It will be relevant to consider a correction towards the central line at 1.3366.

Technical indicators for today’s GBPUSD forecast suggest a correction towards 1.3366 and the beginning of a downward wave to 1.2942.

AUDUSD forecast

On the H4 chart of AUDUSD, the market continues developing a consolidation range around 0.6464. Today, 4 August 2025, if the price breaks upwards, a correction to 0.6515 is possible. If it breaks downwards, the downward wave may continue to 0.6408 as the first target.

Technically, the Elliott wave structure and the downward wave matrix with a pivot point at 0.6515 confirm this scenario. This level remains the key point in the wave structure. Currently, the market has completed a decline towards the price Envelope’s lower boundary at 0.6417. Today, the price is expected to correct towards the central line at 0.6515 before continuing its movement towards the lower boundary at 0.6408.

Technical indicators for today’s AUDUSD forecast suggest considering a correction ending at 0.6515 and the start of a downward wave to 0.6408.

USDCAD forecast

On the H4 chart of USDCAD, the market formed a consolidation range around 1.3794 and broke it downwards. Today, 4 August 2025, the correction wave is expected to continue to 1.3715, followed by a rise to 1.3890.

Technically, the Elliott wave structure and the growth wave matrix with a pivot point at 1.3715 confirm this scenario. This level remains the key point for USDCAD in this wave structure. Currently, the market has consolidated around the price Envelope’s central line at 1.3790 and then broke downwards. Today, the price is expected to decline to its lower boundary at 1.3715.

Technical indicators for today’s USDCAD forecast suggest a decline to 1.3715.

XAUUSD forecast

On the H4 chart of XAUUSD, the market continues forming a consolidation range around 3,345. Today, 4 August 2025, growth to 3,382 is possible. Afterwards, a decline to 3,255 should be considered as a local target.

Technically, the Elliott wave structure and the downward wave matrix with a pivot point at 3,345 confirm this scenario. This level remains the key point in the XAUUSD wave structure. Currently, the market is correcting towards the price Envelope’s upper boundary at 3,382. Then, a decline to its central line at 3,320 is possible, with further continuation towards its lower boundary at 3,255.

Technical indicators for today’s XAUUSD forecast indicate a possible correction to 3,382 and a downward wave towards 3,255.

Brent forecast

On the H4 chart of Brent crude, the market formed a consolidation range around 71.80 and continued a downward correction towards 68.55. Today, 4 August 2025, the price is expected to complete the correction and start forming a growth structure towards 72.62. A breakout above this level opens the potential for a continued trend towards 76.10 as a local target.

Technically, the Elliott wave structure and the growth wave matrix with a pivot point at 69.30 confirm this scenario. This level remains the key point for Brent in this wave. Currently, the market is correcting towards the price Envelope’s lower boundary at 68.55. A brief decline to 67.70 is not excluded. Then, a rise to the upper boundary at 76.10 becomes relevant, with a further potential move to 79.34.

Technical indicators for today’s Brent forecast suggest the end of the correction and a continued growth wave towards 73.63 and 76.10.