Daily technical analysis and forecast for 20 January 2026

Here is a detailed daily technical analysis and forecast for EURUSD, USDJPY, GBPUSD, AUDUSD, USDCAD, XAUUSD and Brent for 20 January 2026.

EURUSD forecast

On the EURUSD H4 chart, the market is forming an upward wave towards 1.1675. Today, 20 January 2026, the price could reach this target level. Further, a downward wave towards the 1.1620 level might develop, potentially extending towards 1.1555 as the first target.

Technically, this scenario is confirmed by the indicated Elliott wave structure and the downward wave matrix with a pivot point at the 1.1680 level. This level is considered key in the wave structure for EURUSD. At the moment, the market is forming an upward wave towards the upper boundary of the Price Envelope at 1.1675. The pair is expected to reach this level and start to decline towards its lower boundary at 1.1550.

Technical indicators for today’s EURUSD forecast suggest the start of a decline to the 1.1550 level.

USDJPY forecast

On the USDJPY H4 chart, the market completed an upward wave to the 157.15 level. Today, 20 January 2026, the price is expected to dip towards the 156.85 level. Further, another upward move towards 158.00 remains possible, possible extneding towards 160.00.

Technically, this scenario for USDJPY is confirmed by the indicated Elliott wave structure and the downward wave matrix with a pivot point at the 158.00 level. This level is considered key in the structure of this wave. At the moment, the market is forming a downward wave towards the lower boundary of the Price Envelope at 156.81. After that, growth towards its central line at 158.00 is expected, with the potential for an upward wave towards its upper boundary at 160.00.

Technical indicators for today’s USDJPY forecast suggest a correction towards the 156.00 level, followed by growth towards 160.00.

GBPUSD forecast

On the GBPUSD H4 chart, the market is forming an upward wave towards the 1.3454 level. Today, 20 January 2026, a consolidation range is expected to develop around the 1.3454 level. In the event of an upward breakout, a corrective move towards the 1.3470 level remains possible. Conversely, a downward breakout would open the potential for a wave towards the 1.3293 level.

Technically, this scenario for GBPUSD is confirmed by the indicated Elliott wave structure and the downward wave matrix with a pivot point at the 1.3455 level. This level is considered key in the structure of this wave. Today, a downward wave could develop towards the lower boundary of the Price Envelope at 1.3293. Further, an upward move towards the upper boundary at 1.3393 remains possible. After this wave is complete, a new downward wave is expected to start, aiming for the lower boundary at 1.3260.

Technical indicators for today’s GBPUSD forecast suggest a downward wave towards the 1.3290 level.

AUDUSD forecast

On the AUDUSD H4 chart, the market is forming a consolidation range around the 0.6700 level. Today, 20 January 2026, the range expanded upwards to 0.6737. After that, a downward wave towards 0.6650 might begin. A breakout below this level would pave the way for a wave towards 0.6595.

Technically, this scenario is confirmed by the indicated Elliott wave structure and the downward wave matrix for AUDUSD with a pivot point at the 0.6666 level. This level is considered key in the structure of this wave. At the moment, the market is forming a correction towards the upper boundary of the Price Envelope at 0.6700. Further decline towards its lower boundary at 0.6600 is expected.

Technical indicators for today’s AUDUSD forecast suggest a decline towards the 0.6600 level.

USDCAD forecast

On the USDCAD H4 chart, the market is forming a consolidation range around the 1.3883 level. Today, 20 January 2026, the range may expand downwards to 1.3838 and upwards to the 1.3890 level. In the event of an upward breakout of this level, a new upward wave could start, aiming for the 1.4010 level as the first target.

Technically, this scenario is confirmed by the indicated Elliott wave structure and the upward wave matrix with a pivot point at the 1.3833 level. This level is considered key for USDCAD in the structure of this wave. At the moment, the market is undergoing a correction towards the lower boundary of the Price Envelope at 1.3838. Further growth towards its upper boundary at 1.4010 is expected.

Technical indicators for today’s USDCAD forecast suggest a decline to 1.3838, followed by growth towards the 1.4010 level.

XAUUSD forecast

On the XAUUSD H4 chart, the market broke above the 4,686 level and continues to develop an upward wave towards 4,790. Today, 20 January 2026, prices are expected to reach this target level. Further, a corrective move towards the 4,686 level remains possible. After that, growth towards the 4,855 level is expected.

Technically, this scenario is confirmed by the indicated Elliott wave structure and the upward wave matrix with a pivot point at the 4,500 level. This level is considered key for XAUUSD in this wave. At the moment, the market is performing the fifth upward wave towards the upper boundary of the Price Envelope at 4,790. After reaching this level, a corrective move towards its central line at 4,650 is expected.

Technical indicators for today’s XAUUSD forecast suggest growth towards the 4,790 level.

Brent forecast

On the Brent H4 chart, the market is forming a consolidation range around the 63.50 level. Today, 20 January 2026, a corrective wave could develop towards the 61.30 level. Further, an upward wave towards the 67.75 level will be considered.

Technically, this scenario is confirmed by the indicated Elliott wave structure and the upward wave matrix with a pivot point at the 63.20 level. This level is considered key for Brent in this wave. At the moment, the market is forming a corrective leg towards the lower boundary of the Price Envelope at 62.50. Further, an upward move towards its central line at 63.85 is expected.

Technical indicators for today’s Brent forecast suggest a decline towards the 62.40 level.

Open Account

Editors’ picks

EURUSD 2026-2027 forecast: key market trends and future predictions

This article provides the EURUSD forecast for 2026 and 2027 and highlights the main factors determining the direction of the pair’s movements. We will apply technical analysis, take into account the opinions of leading experts, large banks, and financial institutions, and study AI-based forecasts. This comprehensive insight into EURUSD predictions should help investors and traders make informed decisions.

Gold (XAUUSD) forecast 2026 and beyond: expert insights, price predictions, and analysis

Dive deep into the Gold (XAUUSD) price outlook for 2026 and beyond, combining technical analysis, expert forecasts, and key macroeconomic factors. It explains the drivers behind gold’s recent surge, explores potential scenarios including a move toward 4,500 to 5,000 USD per ounce, and highlights why the metal remains a strong hedge during global uncertainty.