EURUSD, USDJPY, GBPUSD, AUDUSD, USDCAD, XAUUSD, and Brent technical analysis and forecast for 28 January 2025

Here is a detailed daily technical analysis and forecast for EURUSD, USDJPY, GBPUSD, AUDUSD, USDCAD, XAUUSD, and Brent for 28 January 2025.

EURUSD forecast

On the H4 chart, EURUSD formed a consolidation range below 1.0530, which was broken downwards. On 28 January 2025, a new downward wave is anticipated towards 1.0348 as the first target. After reaching this level, a correction to 1.0440 is possible.

Technically, this scenario aligns with the Elliott Wave structure and the growth wave matrix centred at 1.0348, which is crucial for EURUSD. The market is currently declining from the upper boundary of the price Envelope at 1.0530 towards the central line at 1.0430. Breaking below this level could lead to a further movement towards the lower boundary at 1.0348.

Technical indicators for today’s EURUSD forecast suggest a potential decline to 1.0348.

USDJPY forecast

On the H4 chart, USDJPY formed a consolidation range above 153.71, which was broken upwards. On 28 January 2025, growth towards 156.50 is anticipated as the first target. After reaching this level, a correction to 155.00 may occur.

Technically, this scenario aligns with the Elliott Wave structure and the growth wave matrix centred at 156.50. The market has rebounded from the lower boundary of the price Envelope at 153.71 and is expected to rise towards its central line at 156.50. Breaking this level could open further potential for growth towards the upper boundary at 158.00.

Technical indicators for today’s USDJPY forecast suggest potential growth to 156.50.

GBPUSD forecast

On the H4 chart, GBPUSD formed a consolidation range below 1.2520. On 28 January 2025, a downward breakout is expected with a target at 1.2420. Breaking this level could lead to a further movement towards 1.2300 as the first estimated target.

Technically, this scenario aligns with the Elliott Wave structure and the growth wave matrix centred at 1.2300. The market is currently at its target near the upper boundary of the price Envelope at 1.2520. A decline towards the central line at 1.2300 is anticipated, with potential further movement towards the lower boundary at 1.2100 if the 1.2300 level is breached.

Technical indicators for today’s GBPUSD forecast suggest a potential decline to 1.2300.

AUDUSD forecast

On the H4 chart, AUDUSD continues its downward wave towards 0.6190. On 28 January 2025, reaching this target level is likely. Afterwards, a correction to 0.6262 may occur, followed by further declines towards 0.6116 as the local target.

Technically, this scenario aligns with the Elliott Wave structure and the downward wave matrix centred at 0.6190. The market is consolidating near the central line of the price Envelope at 0.6260. Further declines towards the lower boundary at 0.6190 are anticipated.

Technical indicators for today’s AUDUSD forecast suggest a potential decline to 0.6190.

USDCAD forecast

On the H4 chart, USDCAD continues to consolidate around 1.4384 without a clear trend. On 28 January 2025, an expansion to 1.4452 is possible. After reaching this level, a new downward wave towards 1.4255 may develop.

Technically, this scenario aligns with the Elliott Wave structure and the downward wave matrix centred at 1.4384, which is crucial for USDCAD. The market is consolidating around the central line of the price Envelope at 1.4384. A breakout upwards could lead to a rise towards the upper boundary at 1.4452, followed by a potential decline towards the central line at 1.4384.

Technical indicators for today’s USDCAD forecast suggest potential growth to 1.4452.

XAUUSD forecast

On the H4 chart, XAUUSD completed a downward wave to 2,747, followed by a correction to 2,771. On 28 January 2025, the market is expected to develop a new downward wave towards 2,709 as the local target. Breaking below this level could open the potential for further movement to 2,689.

Technically, this scenario aligns with the Elliott Wave structure and the growth wave matrix centred at 2,689, which is crucial for XAUUSD. The market has declined to the central line of the price Envelope at 2,740. Breaking below this level could lead to a decline towards the lower boundary at 2,689.

Technical indicators for today’s XAUUSD forecast suggest a potential decline to 2,689.

Brent forecast

On the H4 chart, Brent crude completed a corrective wave to 75.55. On 28 January 2025, consolidation around this level is expected. An upward breakout could lead to a new growth wave towards 79.00 as the local target.

Technically, this scenario aligns with the Elliott Wave structure and the correction matrix centred at 79.00, which is crucial for Brent. The market has declined to the lower boundary of the price Envelope at 75.55. Growth towards the central line at 79.00 is anticipated, with further movement towards 82.60 possible.

Technical indicators for today’s Brent forecast suggest potential growth to 79.00.