Daily technical analysis and forecast for 22 May 2025

Here is a detailed daily technical analysis and forecast for EURUSD, USDJPY, GBPUSD, AUDUSD, USDCAD, XAUUSD and Brent for 22 May 2025.

EURUSD forecast

On the H4 chart of EURUSD, the market completed an upward wave structure to 1.1362. Today, 22 May 2025, a consolidation range is expected to form below this level. A downward breakout would open potential for a decline to 1.1155, possibly continuing the trend to 1.1055, the first target.

This scenario is technically confirmed by the Elliott wave structure and the downward wave matrix with a pivot at 1.1300, considered key in the EURUSD wave structure. The correction to the upper boundary of the price Envelope at 1.1362 has been completed. A continuation to the lower boundary at 1.1155 is possible.

Technical indicators for today’s EURUSD forecast suggest the beginning of a downward wave towards 1.1155.

USDJPY forecast

On the H4 chart of USDJPY, the market completed a downward wave structure to 143.14. Today, 22 May 2025, a consolidation range could form above this level. A breakout to the upside would open the path for a growth wave to 146.00, the first target.

This scenario is supported by the Elliott wave structure and the upward wave matrix with a pivot at 143.38, seen as key in the USDJPY wave structure. The market completed a correction to the lower boundary of the price Envelope at 143.14. A new upward wave to the upper boundary at 148.60 remains relevant.

Technical indicators for today’s USDJPY forecast suggest a potential rise towards 146.00.

GBPUSD forecast

On the H4 chart of GBPUSD, the market completed an upward wave to 1.3466. Today, 22 May 2025, a consolidation range is expected to form below this level. A breakout downwards would open potential for a new decline towards 1.3131, the first target.

This scenario is technically confirmed by the Elliott wave structure and the downward wave matrix with a pivot at 1.3280, regarded as key for the GBPUSD wave structure. The market has extended the consolidation range to the upper boundary of the price Envelope at 1.3466. A decline towards the lower boundary at 1.3131 is likely.

Technical indicators for today’s GBPUSD forecast suggest the beginning of a downward wave towards 1.3280.

AUDUSD forecast

On the H4 chart of AUDUSD, the market is forming a wide consolidation range around 0.6422. Today, 22 May 2025, the market expanded the range to 0.6466 and pulled back to 0.6422. Another upward move to 0.6488 is possible. Afterwards, a downward wave to 0.6333 may develop. This is the initial target.

This scenario aligns with the Elliott wave structure and the downward wave matrix for AUDUSD with a pivot at 0.6422, viewed as key in this wave. The market is forming a consolidation structure around the central line of the price Envelope at 0.6422. A downward wave to the lower boundary at 0.6333 remains likely.

Technical indicators for today’s AUDUSD forecast suggest a possible start of a downward wave towards 0.6333.

USDCAD forecast

On the H4 chart of USDCAD, the market broke out of the consolidation range downwards and completed a wave to 1.3812. Today, 22 May 2025, a new upward wave is expected to begin, aiming for 1.3911. Afterwards, another downward wave to 1.3800 may follow. Then, a rise to 1.4000 may develop, with the trend possibly extending to 1.4200.

This scenario is confirmed by the Elliott wave structure and the upward wave matrix with a pivot at 1.3880, regarded as key in the USDCAD wave structure. The market completed a downward wave to the lower boundary of the price Envelope at 1.3812. A rise to the central line at 1.3911 is relevant.

Technical indicators for today’s USDCAD forecast suggest the start of an upward wave towards 1.3912.

XAUUSD forecast

On the H4 chart of XAUUSD, the market reached the target of the upward wave at 3,345. Today, 22 May 2025, a decline to 3,222 (tested from above) is possible. Then, another upward wave to 3,285 may follow. Afterwards, a new downward wave to 3,100 may begin, possibly extending the trend to 3,040, the first target.

This scenario is technically supported by the Elliott wave structure and the downward wave matrix with a pivot at 3,267, viewed as key for XAUUSD. The market has completed a correction to the upper boundary of the price Envelope at 3,345. A decline to the lower boundary at 3,100 is anticipated.

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

Brent forecast

On the H4 Brent crude chart, the market completed an upward wave to 66.00 and a correction to 64.00. Today, 22 May 2025, a new upward wave to 68.11 remains relevant, the first target.

This scenario is confirmed by the Elliott wave structure and the upward wave matrix with a pivot at 63.33, regarded as key in Brent’s wave structure. Currently, the market is developing 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 to 68.11.