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

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

EURUSD forecast

On the H4 chart, EURUSD continues to form a consolidation range around 1.1345. Today, 7 May 2025, the range may extend upwards to 1.1440 as a local target. Afterwards, a decline to 1.1345 (testing from above) is possible, followed by a rebound to 1.1425. This upward move is seen as a correction to the previous decline. Once the correction ends, a new downward wave may unfold towards 1.1260 and potentially extend to 1.1111 as a local target.

The Elliott wave structure and the downward wave matrix with a pivot at 1.1345 technically support this scenario. The market is currently forming a corrective structure towards the upper boundary of the price Envelope at 1.1425.

Technical indicators for today’s EURUSD forecast suggest a corrective wave up to 1.1425.

USDJPY forecast

On the H4 chart, USDJPY broke down from its consolidation range and completed a correction to 142.36. Today, 7 May 2025, a rise to 144.30 is likely. If this level is broken upwards, the trend may continue towards 145.85 and 148.50, indicating the development of a third impulse wave.

The Elliott wave structure and the upward wave matrix with a pivot at 142.75 support this outlook. The market completed a correction to the lower boundary of the price Envelope at 142.36 and is now forming a growth impulse towards the central line at 144.33.

Technical indicators for today’s USDJPY forecast suggest a rise to 144.33.

GBPUSD forecast

On the H4 chart, GBPUSD continues to develop a wide consolidation range around 1.3344. Today, 7 May 2025, the range may extend upwards to 1.3422, with a possible stretch towards 1.3477. Afterwards, a downward wave may develop to 1.3200.

This scenario is confirmed by the Elliott wave structure and the downward wave matrix with a pivot at 1.3344, which is considered crucial for this wave. The market is currently forming a wide range around the central line of the price Envelope. A move to the upper boundary at 1.3477 is possible before a decline to the lower boundary at 1.3200.

Technical indicators for today’s GBPUSD forecast suggest a growth wave towards 1.3477.

AUDUSD forecast

On the H4 chart, AUDUSD completed a growth wave to 0.6513. Today, 7 May 2025, a downward move to 0.6508 is expected. Then, a larger decline may start towards 0.6356. If this level is breached, the wave may continue towards 0.6200, a local target.

This is supported by the Elliott wave structure and the growth wave matrix with a pivot at 0.6200, which is considered crucial for this wave. The market has completed a wave to the upper boundary of the price Envelope at 0.6513 and may now decline towards the central line at 0.6356.

Technical indicators for today’s AUDUSD forecast suggest the beginning of a downward wave to 0.6356.

USDCAD forecast

On the H4 chart, USDCAD has once again broken below 1.3790 and may continue falling to 1.3685. Today, 7 May 2025, this target may be reached, followed by a correction back to 1.3790. Then, another downward wave may start, aiming for 1.3470.

The Elliott wave structure and the downward wave matrix with a pivot at 1.3844 technically support this scenario. The market is forming a wave to the lower boundary of the price Envelope at 1.3685. Afterwards, a correction to the central line at 1.3790 may follow.

Technical indicators for today’s USDCAD forecast suggest a decline to 1.3685.

XAUUSD forecast

On the H4 chart, XAUUSD broke above 3,320 and completed a growth wave to 3,437. Today, 7 May 2025, a decline to 3,320 may begin. If this level is broken, the wave may continue down to 3,190, a local target.

The Elliott wave structure and the downward wave matrix with a pivot at 3,268 support this scenario. The market has completed a wave to the upper boundary of the price Envelope at 3,437 and is now likely to decline towards the central line at 3,320.

Technical indicators for today’s XAUUSD forecast point to a possible decline to 3,320.

Brent forecast

On the H4 chart, Brent crude continues its rise towards 63.30. A wide consolidation range is forming around this level. Today, 7 May 2025, this target may be reached. Afterwards, a decline to 56.50 may begin — a local target.

This outlook is supported by the Elliott wave structure and the downward wave matrix with a pivot at 63.30, which is considered crucial for the current wave. The market is forming a downward wave towards the lower boundary of the price Envelope at 56.50. After this level is reached, a rebound towards the central line at 59.90 is likely.

Technical indicators suggest a continued decline to 56.50 in today’s Brent forecast.