EURUSD, USDJPY, GBPUSD, AUDUSD, USDCHF, NZDUSD, and USDCAD technical analysis and forecast for 14 - 18 October 2024

Here is a detailed weekly technical analysis and forecast for EURUSD, USDJPY, GBPUSD, AUDUSD, USDCHF, NZDUSD, and USDCAD for 14 - 18 October 2024.

EURUSD forecast

The EURUSD pair has broken below the lower boundary of the consolidation range at 1.0994. A breakout of this level may signal a continuation of the downtrend towards 1.0777, the first target. After reaching this level, the price could correct towards 1.0994 (testing from below). Subsequently, a new downward wave could start, aiming for 1.0560 as the local target.

USDJPY forecast

The USDJPY pair has received support at 147.44 and is attempting to break above the 149.30 level today. A breakout above this level may signal a further correction towards 153.33. Once the price hits this level, a downward wave could begin, targeting 147.44 (testing from above). Subsequently, another growth structure could develop, aiming for 154.07, followed by a new downward wave towards 137.77, the first target.

GBPUSD forecast

The GBPUSD pair has completed a downward wave, reaching 1.3017, with a consolidation range forming above this level. A breakout above the range could trigger a correction towards 1.3200. Conversely, a breakout below the range may extend the declining wave towards 1.2770, the first estimated target. After reaching this level, the price might correct towards 1.3020 (testing from below) before declining to 1.2444, the local estimated target.

AUDUSD forecast

The AUDUSD pair has completed a downward wave, reaching 0.6686 and forming a narrow consolidation range. A breakout above the range could enable a correction towards 0.6800. A breakout below the range might lead to the wave continuing towards 0.6650 and potentially further towards the local target of 0.6500. Once the price reaches this level, a correction is expected to start, aiming for 0.6650 (testing from below). Subsequently, a downward wave is anticipated to develop towards 0.6377.

USDCHF forecast

The USDCHF pair is forming a consolidation range around 0.8568. With an upward breakout, the trend could continue towards 0.8740. Subsequently, a correction towards 0.8568 (testing from above) is possible, followed by a new growth wave towards 0.8765, the first target. With a breakout below the range, a correction towards 0.8444 could follow. Subsequently, the growth wave might continue towards 0.8765.

NZDUSD forecast

The NZDUSD pair has completed a downward wave, reaching 0.6055. A consolidation range formed above this level today. An upward breakout would trigger a correction towards 0.6220. Once the correction is complete, the price could decline to the local target of 0.5939. With a downward breakout, the trend might continue towards 0.5939.

USDCAD forecast

The USDCAD pair has broken above the 1.3630 level, rising to 1.3786. A new consolidation range could form below this level this week. With an upward breakout, the trend might continue towards the local target of 1.3860. A correction towards 1.3630 (testing from above) is possible with a downward breakout. Subsequently, the growth wave is expected to continue, aiming for 1.3860.