Daily technical analysis and forecast for 21 May 2025

Here is a detailed daily technical analysis and forecast for EURUSD, USDJPY, GBPUSD, AUDUSD, USDCAD, XAUUSD and Brent for 21 May 2025.

EURUSD forecast

On the H4 chart of EURUSD, the market broke out of the consolidation range and completed an upward wave structure to 1.1339. Today, 21 May 2025, a downward wave towards 1.1170 could begin, with the trend possibly extending to 1.1029, the initial target.

This scenario is technically supported by the Elliott wave structure and the downward wave matrix pivoting at 1.1300, considered key in the EURUSD wave structure. The correction to the upper boundary of the price Envelope at 1.1339 has been completed. A further decline to the lower boundary at 1.1029 is likely.

Technical indicators for today’s EURUSD forecast suggest a new downward wave towards 1.1029.

USDJPY forecast

On the H4 chart of USDJPY, the market continues developing a downward wave towards 143.38. Today, 21 May 2025, the market may reach this target. Then, a new upward wave towards 146.00 could start, with the trend possibly extending to 148.60, the local target.

This scenario is supported by the Elliott wave structure and the upward wave matrix with a pivot at 143.38, viewed as key in this wave structure. The market has completed the first upward wave to the upper boundary of the price Envelope at 148.64. A correction to the lower boundary at 143.38 remains possible, followed by an upward wave towards 148.60.

Technical indicators for today’s USDJPY forecast suggest a rise to 146.00 after the correction completes.

GBPUSD forecast

On the H4 chart of GBPUSD, the market broke out of the consolidation range upwards and continues developing a growth wave towards 1.3440. Today, 21 May 2025, the price is expected to reach this target level. Afterwards, a downward wave towards 1.3270 may begin. A breakout below this level would open the potential for further decline to 1.3137, the initial target.

This scenario is confirmed by the Elliott wave structure and the downward wave matrix with a pivot at 1.3280, regarded as key in this wave structure. Currently, the market is expanding the range to the upper boundary of the price Envelope at 1.3440. A decline to the lower boundary at 1.3137 is expected.

Technical indicators for today’s GBPUSD forecast suggest the upward wave may end, followed by a decline to 1.3280.

AUDUSD forecast

On the H4 chart of AUDUSD, the market is forming a wide consolidation range around 0.6422, with no clear trend. Today, 21 May 2025, an upward expansion to 0.6488 is possible. Afterwards, a downward wave to 0.6333 may begin. This is the initial target.

This scenario is supported by the Elliott wave structure and the downward wave matrix for AUDUSD with a pivot at 0.6422, viewed as key. Currently, a wave is forming towards the upper boundary of the price Envelope at 0.6488. Then, a downward move to the central line at 0.6422 and further to the lower boundary at 0.6333 may follow.

Technical indicators for today’s AUDUSD forecast suggest the likelihood of a downward wave towards 0.6422.

USDCAD forecast

On the H4 chart of USDCAD, the market broke below the consolidation range and continues developing a downward wave to 1.3870. Today, 21 May 2025, this decline is expected to complete. This wave is viewed as a correction to the previous upward wave. After the correction ends, a new upward wave towards 1.4014 may begin, with the trend possibly extending to 1.4160, the local target.

This scenario is supported by the Elliott wave structure and the upward wave matrix with a pivot at 1.3880, considered key for USDCAD in this wave. The market had previously completed a rise to the upper boundary of the price Envelope at 1.4014. A continued correction to the lower boundary at 1.3870 is possible, followed by a reversal to 1.4014.

Technical indicators for today’s USDCAD forecast suggest a completed correction and an upward wave towards 1.4014.

XAUUSD forecast

On the H4 chart of XAUUSD, the market broke out of the consolidation range upwards and reached a local growth target at 3,314. Today, 21 May 2025, a decline to 3,222 (tested from above) is possible. Then, another upward wave to 3,333 may develop, followed by a downward wave to 3,100 with potential continuation to 3,040, the initial target.

This scenario is supported by the Elliott wave structure and the downward wave matrix with a pivot at 3,267, viewed as key for XAUUSD. Currently, the market is forming a correction structure to the upper boundary of the price Envelope at 3,333. Then, a downward wave to the lower boundary at 3,100 is anticipated.

Technical indicators for today’s XAUUSD forecast point to a possible continuation of the upward wave to 3,333.

Brent forecast

On the H4 chart of Brent crude, the market completed an upward wave structure to 66.00. Today, 21 May 2025, a decline to 64.50 (tested from above) is possible. Afterwards, a rise to 68.11 may follow. This is the initial target.

This scenario is confirmed by the Elliott wave structure and the upward wave matrix with a pivot at 63.33, considered key in Brent’s wave structure. Currently, the market is forming a wave towards the upper boundary of the price Envelope at 68.11.

Technical indicators for today’s Brent forecast suggest a continued upward wave towards 68.11.