EURUSD, USDJPY, GBPUSD, AUDUSD, USDCAD, XAUUSD, and Brent technical analysis and forecast for 29 January 2025

Here is a detailed daily technical analysis and forecast for EURUSD, USDJPY, GBPUSD, AUDUSD, USDCAD, XAUUSD, and Brent for 29 January 2025.

EURUSD forecast

On the H4 chart, EURUSD is consolidating around 1.0430. On 29 January 2025, a downward breakout is expected, leading to a continuation of the wave towards 1.0345 as the first target. After reaching this level, a correction back to 1.0430 (test from below) may follow.

Technically, this scenario aligns with the Elliott Wave structure and the downward wave matrix centred at 1.0430, which is crucial for EURUSD. The market is consolidating near the central line of the price Envelope at 1.0430, and a breakout downwards may push the price towards the lower boundary at 1.0348.

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

USDJPY forecast

On the H4 chart, USDJPY is consolidating above 155.10. On 29 January 2025, an upward breakout is expected, leading to a continuation of the wave towards 156.50 as the first target. After reaching this level, a correction back to 155.10 may follow.

Technically, this scenario aligns with the Elliott Wave structure and the growth wave matrix centred at 155.10. The market is consolidating near the central line of the price Envelope at 155.10. If the market breaks upwards, it may continue towards the upper boundary at 156.50.

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

GBPUSD forecast

On the H4 chart, GBPUSD completed a downward impulse to 1.2415. On 29 January 2025, the market is expected to consolidate around this level. If a downward breakout occurs, a further decline to 1.2300 is likely as the first calculated target.

Technically, this scenario aligns with the Elliott Wave structure and the downward wave matrix centred at 1.2415. The market is consolidating near the central line of the price Envelope. A downward breakout may lead to a decline towards the lower boundary at 1.2300.

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

AUDUSD forecast

On the H4 chart, AUDUSD formed a consolidation range around 0.6250 and has broken downwards. On 29 January 2025, a continuation of the decline towards 0.6190 is expected as the first target. After reaching this level, a correction back to 0.6250 may follow. If the correction is completed, a further decline to 0.6116 is likely as the local target.

Technically, this scenario aligns with the Elliott Wave structure and the downward wave matrix centred at 0.6250. The market has formed a consolidation range around the central line of the price Envelope and has broken downwards. A further decline towards the lower boundary at 0.6190 is anticipated.

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

USDCAD forecast

On the H4 chart, USDCAD continues consolidating around 1.4384 without a clear trend. On 29 January 2025, an expansion towards 1.4452 is possible. After reaching this level, a downward wave towards 1.4255 may begin.

Technically, this scenario aligns with the Elliott Wave structure and the growth wave matrix centred at 1.4384. The market is consolidating around the central line of the price Envelope at 1.4384. A breakout upwards may push the price 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 impulse to 2,732 and corrected to 2,765. The market is now consolidating within this range. On 29 January 2025, a decline towards 2,732 is expected. If this level is breached, further movement towards 2,689 is possible. If the market breaks upwards, a rise towards 2,797 is not excluded.

Technically, this scenario aligns with the Elliott Wave structure and the growth wave matrix centred at 2,689. The market has declined to the central line of the price Envelope at 2,732. A downward breakout may push the price towards the lower boundary at 2,689.

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

Brent forecast

On the H4 chart, Brent crude completed an upward impulse to 77.14, followed by a correction to 75.90. The market is consolidating within this range. On 29 January 2025, an upward breakout is expected, leading to a continuation of the wave towards 79.00 as the local target.

Technically, this scenario aligns with the Elliott Wave structure and the correction wave matrix centred at 79.00. The market has declined to the lower boundary of the price Envelope at 75.55. After reaching this level, growth towards the central line at 79.00 is expected, with a potential continuation towards 82.60.

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