EURUSD, USDJPY, GBPUSD, AUDUSD, USDCAD, XAUUSD, and Brent technical analysis and forecast for 4 February 2025

Here is a detailed daily technical analysis and forecast for EURUSD, USDJPY, GBPUSD, AUDUSD, USDCAD, XAUUSD, and Brent for 4 February 2025.

EURUSD forecast

On the H4 chart, EURUSD completed a downward wave to 1.0211, followed by a correction to 1.0348. Today, 4 February 2025, the market continues declining towards 1.0150 as the first target. After reaching this level, a correction to at least 1.0333 is possible. Subsequently, further decline towards 1.0050 is expected.

Technically, this scenario is confirmed by the specified Elliott wave structure and the downward wave matrix with a pivot point at 1.0350, which serves as a key level for EURUSD. Currently, the market is extending the downward wave towards the lower boundary of the price Envelope at 1.0150. Later, a potential rise towards the central line at 1.0333 may occur.

Technical indicators for today's EURUSD forecast suggest the likelihood of a decline towards 1.0150.

USDJPY forecast

On the H4 chart, USDJPY completed a growth wave to 155.87, followed by a downward impulse to 154.00. The market is now forming a consolidation range around 154.55. Today, 4 February 2025, a decline towards 153.70 is expected, with a further downward trend towards 153.30.

Technically, this scenario for USDJPY is supported by the specified Elliott wave structure and the downward wave matrix with a pivot point at 154.55. Currently, the market is consolidating around the central line of the price Envelope. A move towards the lower boundary at 153.30 is anticipated.

Technical indicators for today's USDJPY forecast suggest the possibility of a decline towards 153.30 and 153.11.

GBPUSD forecast

On the H4 chart, GBPUSD formed a downward wave to 1.2248, followed by a correction to 1.2455. Today, 4 February 2025, a decline towards 1.2200 is expected, followed by a narrow consolidation range around this level. If the price breaks downwards, a further decline towards 1.2160 may occur, with a continuation of the trend towards 1.2000.

Technically, this scenario for GBPUSD is confirmed by the Elliott wave structure and the downward wave matrix with a pivot point at 1.2360. 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 of the Envelope at 1.2160.

Technical indicators for today's GBPUSD forecast suggest the likelihood of a decline towards 1.2160 and 1.2000.

AUDUSD forecast

On the H4 chart, AUDUSD completed a downward wave to 0.6090, followed by a correction to 0.6230. Today, 4 February 2025, a decline towards 0.6077 is expected. After reaching this level, a consolidation range may form. If the price breaks upwards, a correction to 0.6200 is possible. A downward breakout could extend the wave to 0.6018.

Technically, this scenario is supported by the specified Elliott wave structure and the downward wave matrix for AUDUSD, with a pivot point at 0.6200. Currently, the market continues declining towards the lower boundary of the price Envelope at 0.6077. After reaching this level, a possible rise towards the central line at 0.6200 may occur.

Technical indicators for today's AUDUSD forecast suggest the probability of a decline towards 0.6077 and 0.6018.

USDCAD forecast

On the H4 chart, USDCAD corrected to 1.4388 and started developing a growth wave towards 1.4808. Today, 4 February 2025, a breakout above 1.4590 is expected, followed by continued growth towards 1.4808. This is a local target. After reaching it, a corrective move to 1.4600 (testing from above) is possible. Further growth towards 1.4919 is anticipated.

Technically, this development is supported by the specified Elliott wave structure and the growth wave matrix with a pivot point at 1.4590, which is a key level for USDCAD within this wave structure. Currently, the growth wave continues towards the upper boundary of the price Envelope at 1.4808. Later, a downward move towards the central line at 1.4600 could follow.

Technical indicators for today's USDCAD forecast suggest the probability of growth towards 1.4808 and 1.4919.

XAUUSD forecast

On the H4 chart, XAUUSD completed a correction wave to 2772 and started rising towards 2858. Today, 4 February 2025, a breakout above 2818 is expected, followed by a narrow consolidation range around this level. If the price breaks downwards, a correction towards 2800 is possible. A breakout upwards could initiate a growth wave to 2858, with a further trend extension to 2890.

Technically, this scenario is supported by the specified Elliott wave structure and the growth wave matrix with a pivot point at 2730, which is 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 2858. Later, a correction towards the central line at 2800 could be expected, followed by the start of a new growth wave towards the upper boundary at 2890.

Technical indicators for today's XAUUSD forecast indicate the probability of growth towards 2858.

Brent forecast

On the H4 chart, Brent formed a consolidation range around 76.00. Today, 4 February 2025, further growth towards 79.45 is expected. If this level is broken upwards, the market could extend the growth wave towards 81.80, with a continuation of the trend to 82.68 as the first target.

Technically, this scenario is confirmed by the specified Elliott wave structure and the growth 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 74.90. After reaching this level, a consolidation range formed 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 79.45.

Technical indicators suggest that today's Brent forecast considers the probability of growth towards 77.00 and 79.45.