EURUSD, USDJPY, GBPUSD, AUDUSD, USDCAD, XAUUSD, and Brent technical analysis and forecast for 7 February 2025

Here is a detailed daily technical analysis and forecast for EURUSD, USDJPY, GBPUSD, AUDUSD, USDCAD, XAUUSD, and Brent for 7 February 2025.

EURUSD forecast

On the H4 chart, EURUSD completed a downward impulse to 1.0352, followed by a correction to 1.0395, forming a consolidation range. Today, 7 February 2025, if the price breaks upwards, another growth wave towards 1.0496 is expected. A downward breakout may initiate a decline towards 1.0310, with a further trend extension to 1.0260.

Technically, this scenario is confirmed by the Elliott wave structure and the growth wave matrix with a pivot point at 1.0310, considered a key level for EURUSD. Currently, the market has completed a growth wave towards the upper boundary of the price Envelope at 1.0441. Further movement may lead to a decline towards the central line at 1.0310.

Technical indicators for today's EURUSD forecast suggest the probability of a decline towards 1.0310.

USDJPY forecast

On the H4 chart, USDJPY completed a downward wave to 151.00. Today, 7 February 2025, an upward move towards 151.90 is expected, forming a consolidation range between these levels. A breakout below the lower boundary may initiate further decline to 149.95, with a potential continuation to 148.00.

Technically, this scenario for USDJPY is confirmed by the Elliott wave structure and the downward wave matrix with a pivot point at 153.50. Currently, the market has completed a downward wave to the lower boundary of the price Envelope at 151.00. A potential correction towards the central line at 151.90 is expected before further decline to 149.96.

Technical indicators for today's USDJPY forecast suggest the probability of a decline towards 149.96 and 148.00.

GBPUSD forecast

On the H4 chart, GBPUSD completed a downward impulse to 1.2360, followed by a correction to 1.2454, forming a consolidation range at the top of the growth wave. Today, 7 February 2025, another downward impulse towards 1.2323 is expected, with a further trend extension to 1.2190. This is the local target. A correction to 1.2323 may follow before a potential decline towards 1.2100.

Technically, this scenario for GBPUSD is confirmed by the Elliott wave structure and the growth wave matrix with a pivot point at 1.2300. Currently, the market is consolidating around the central line of the price Envelope. A breakout from this consolidation range downwards is expected, leading to further decline towards the lower boundary at 1.2190.

Technical indicators for today's GBPUSD forecast suggest the probability of a decline towards 1.2190.

AUDUSD forecast

On the H4 chart, AUDUSD is forming a consolidation range below 0.6288. Today, 7 February 2025, a decline towards 0.6187 is expected. After reaching this level, a correction towards 0.6230 is possible. Further movement may lead to a decline towards 0.6077.

Technically, this scenario is supported by the Elliott wave structure and the growth wave matrix for AUDUSD, with a pivot point at 0.6187. Currently, the market has completed a growth wave towards the upper boundary of the price Envelope at 0.6288. Further movement is expected to decline towards the lower boundary at 0.6187.

Technical indicators for today's AUDUSD forecast suggest the probability of a decline towards 0.6187.

USDCAD forecast

On the H4 chart, USDCAD completed a growth impulse to 1.4365, followed by a correction to 1.4300. Today, 7 February 2025, another upward impulse towards 1.4410 is expected. If this level is breached, the growth wave may extend towards 1.4541, with a potential continuation towards 1.4808.

Technically, this scenario is confirmed by the Elliott wave structure and the downward wave matrix with a pivot point at 1.4541, which is considered a key level for USDCAD in this wave structure. Currently, the market has completed a decline to the lower boundary of the price Envelope at 1.4272. Further movement is expected towards the upper boundary at 1.4541.

Technical indicators for today's USDCAD forecast suggest the probability of a growth wave towards 1.4541.

XAUUSD forecast

On the H4 chart, XAUUSD completed a correction wave to 2,834, followed by a growth impulse to 2,870. Today, 7 February 2025, an extension of the growth wave towards 2,895 is expected, with a potential continuation to 2,915. After reaching this level, a correction back to 2,834 may follow.

Technically, this scenario is confirmed by the Elliott wave structure and the growth wave matrix with a pivot point at 2,834, which serves as a key level for XAUUSD in this wave. Currently, the market is forming a growth wave structure towards the upper boundary of the price Envelope at 2,895. A correction towards the central line at 2,834 is expected before a potential new growth wave towards 2,915.

Technical indicators for today's XAUUSD forecast indicate the probability of growth towards 2,895 and 2,915.

Brent forecast

On the H4 chart, Brent continues forming a consolidation range above 74.05. Today, 7 February 2025, an upward wave towards 76.50 is expected, with a potential continuation to 79.00 as the first target.

Technically, this scenario is confirmed by the Elliott wave structure and the downward wave matrix with a pivot point at 77.00, which is considered a key level for Brent. Currently, the market has completed a downward wave towards the lower boundary of the price Envelope at 74.05. After reaching this level, a consolidation range is forming above it. A breakout upwards is expected, initiating a growth wave towards the central line of the Envelope at 77.00, with a further trend extension towards 79.00.

Technical indicators suggest that today's Brent forecast considers the probability of growth towards 77.00 and 79.00.