Here is a detailed daily technical analysis and forecast for EURUSD, USDJPY, GBPUSD, AUDUSD, USDCAD, XAUUSD, and Brent for 16 January 2025.
EURUSD forecast
On the H4 chart, EURUSD executed a correction to 1.0350, followed by a downward impulse to 1.0258. On 16 January 2025, a correction of this impulse is expected, targeting 1.0300. Subsequently, a new downward wave to 1.0212 is anticipated, with a potential rebound to 1.0258 before continuing downwards to 1.0160 as the local target.
Technically, this scenario aligns with the Elliott Wave structure and the fifth-wave downward matrix centred at 1.0340, which is the crucial level for EURUSD. The market is shaping a downward wave towards the lower boundary of the price Envelope at 1.0160. A correction to the central line at 1.0250 may follow.
Technical indicators for today’s EURUSD forecast suggest a likelihood of declines to 1.0212 and 1.0160.
USDJPY forecast
On the H4 chart, USDJPY broke below 157.00, completing a downward wave to 155.20. On 16 January 2025, a consolidation range above this level is expected. An upward breakout could lead to a wave towards 157.00, while a downward breakout might extend the decline to 155.00, with further movement to 153.60.
Technically, this scenario reflects the Elliott Wave structure and the correction matrix centred at 157.00. The market is near the lower boundary of the price Envelope, with potential for growth to its central line at 157.00 before another move downwards.
Technical indicators for today’s USDJPY forecast suggest a possible correction to 155.00.
GBPUSD forecast
On the H4 chart, GBPUSD continues consolidating around 1.2222 without a clear trend. On 16 January 2025, a decline to 1.2189 is anticipated. A downward breakout may lead to a move to 1.2050, while an upward breakout could initiate a new growth wave to 1.2333, which is the main target for this correction.
Technically, the scenario aligns with the Elliott Wave structure and the downward wave matrix centred at 1.2333. The market is consolidating near the lower boundary of the price Envelope. Growth towards the central line at 1.2333 is expected, with the potential for a subsequent decline to 1.2050.
Technical indicators for today’s GBPUSD forecast suggest an upward wave to 1.2333, followed by a potential decline to 1.2050.
AUDUSD forecast
On the H4 chart, AUDUSD is consolidating around 0.6200. On 16 January 2025, growth to 0.6280 is expected. After reaching this level, a new downward wave to 0.6120 is anticipated as the first target.
Technically, this scenario aligns with the Elliott Wave structure and the downward wave matrix centred at 0.6200. The market is forming a consolidation range around the central line of the price Envelope at 0.6200, with expected growth to the upper boundary at 0.6280, followed by a decline to the lower boundary at 0.6120.
Technical indicators for today’s AUDUSD forecast suggest growth to 0.6280, followed by a decline to 0.6120.
USDCAD forecast
On the H4 chart, USDCAD reached 1.4302, a local target. On 16 January 2025, the market is shaping a growth structure towards 1.4355 (retesting from below). Afterwards, a new downward wave to 1.4273 is anticipated as the target for this wave.
Technically, this scenario aligns with the Elliott Wave structure and the downward wave matrix centred at 1.4355, which is key for USDCAD. The market has completed a downward wave to the lower boundary of the price Envelope at 1.4302. A growth wave to the central line at 1.4355 is expected.
Technical indicators for today’s USDCAD forecast suggest a continuation of the downward wave to 1.4273.
XAUUSD forecast
On the H4 chart, XAUUSD consolidated around 2,677 and broke upwards, completing a growth wave to 2,700. On 16 January 2025, a new consolidation range below this level is expected. An upward breakout may lead to a move towards 2,717, while a downward breakout could trigger a correction to 2,656.
Technically, this scenario aligns with the Elliott Wave structure and the growth wave matrix centred at 2,630. The market is consolidating around the central line of the price Envelope at 2,677, with the potential for an extension to the upper boundary at 2,717 before a move towards the lower boundary at 2,656.
Technical indicators for today’s XAUUSD forecast point to a potential decline to 2,677 and 2,656.
Brent forecast
On the H4 chart, Brent crude received support at 79.00 and broke upwards to reach 80.80. On 16 January 2025, further growth towards 82.66 is anticipated. After reaching this level, a correction to 80.80 (retesting from above) may follow, with continued growth towards 86.46 as the local target.
Technically, this scenario reflects the Elliott Wave structure and the growth wave matrix centred at 80.80, which is the crucial level for Brent. Further growth to the upper boundary of the price Envelope at 86.46 is expected, followed by a possible correction to the lower boundary at 80.80.
Technical indicators for today’s Brent forecast suggest continued growth to 82.66 and 86.46.
Source: Roboforex
