Forex Technical/Fundamental Analysis & Forecast by RoboForex

XAUUSD forecast: Gold continues to strengthen against the US dollar

A potential rise in inflation and a decrease in the US PMI could support Gold growth to 2,790 USD. More details in our XAUUSD analysis for today, 24 January 2025.

XAUUSD forecast: key trading points

• The University of Michigan US inflation expectations: previously at 2.8%, projected at 3.3%
• US services PMI: previously at 56.8, projected at 56.4
• Current trend: moving upwards
• XAUUSD forecast for 24 January 2025: 2,790 and 2,750

Fundamental analysis

The XAUUSD forecast for 24 January 2025 shows that the pair continues to form a growth wave.

The University of Michigan's US inflation expectations will be released at the beginning of the US trading session. The previous reading was 2.8%, and the forecast for 24 January 2025 suggests that inflation may rise to 3.3%, affecting XAUUSD prices.

The US services Purchasing Managers’ Index (PMI) is projected to decrease to 56.4 given that it has been gradually increasing over the past three months. A weaker-than-forecast actual reading may lead to the weakening of the US dollar. A stronger-than-expected PMI could support the US dollar to some extent.

The XAUUSD price forecast appears rather optimistic, with prices having the potential to reach new highs.

RoboForex Market Analysis & Forex Forecasts

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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

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USDCAD: the Canadian dollar loses ground against the USD again

Lower wholesale sales in Canada and positive US fundamental data may propel the USDCAD pair further to 1.4440. More details in our analysis for 27 January 2025.

USDCAD technical analysis

On the H4 chat, the USDCAD price formed an Inverted Hammer reversal pattern near the lower Bollinger band. At this stage, it continues developing a growth wave following the signal received. Since the quotes remain within an ascending channel, the upward wave is expected to continue to the nearest resistance level at 1.4440. A breakout above this level would open the potential for a more substantial uptrend.



Alongside the USDCAD technical analysis, low fundamental indicators from Canada suggest growth to the 1.4440 resistance level.

Read more - USDCAD Forecast

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Sincerely,
The RoboForex Team

Brent declined to the 76.00 USD support level

Brent quotes continue to decline within a downward correction, with the asset finding support from buyers in the 75.60-76.00 USD area yesterday. More details in our Brent analysis for today, 28 January 2025.

Brent forecast: key trading points

• Current trend: a downward correction continues
• The US oil inventories statistics from the American Petroleum Institute (API) will be released today
• Brent forecast for 28 January 2025: 75.60 and 77.00

Fundamental analysis

Brent prices declined to a two-week low within the current downward correction. Oil prices are under pressure from concerns about falling demand from China, the world’s largest oil importer, and the tough economic policy of Donald Trump, who calls on OPEC to cut oil prices.

The US API oil inventories statistics will be published today, with the Energy Information Administration (EIA) data scheduled for release tomorrow. A decrease in oil reserves may support Brent quotes, while growth will push the asset prices lower.

RoboForex Market Analysis & Forex Forecasts

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Sincerely,
The RoboForex Team

Brent prices are falling: external pressure is too great

Brent prices plunged to 76.55 USD, with US oil inventories increasing again. Find out more in our analysis for 30 January 2025.

Brent technical analysis

Prerequisites for the extension of the selling wave to 74.62 are forming on the Brent H4 chart. After testing this level, the market may turn to 75.30, but additional conditions are needed to move to a more ambitious target of 78.64.



Brent prices are falling, without halting this movement yet.

Read more - Brent Forecast

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Sincerely,
The RoboForex Team

USDJPY strengthens despite expectations of BoJ policy tightening

Although the USDJPY rate is undergoing a correction, the selling pressure remains. The price currently stands at 154.69. More details in our analysis for 31 January 2025.

Brent forecast: key trading points

• Bank of Japan Deputy Governor Ryozo Himino said further rate hikes are possible
• Tokyo core inflation accelerated to 2.5% in January
• US initial jobless claims decreased to 207 thousand
• US economy grew by 2.3% year-on-year in Q4 2024
• USDJPY forecast for 31 January 2025: 153.75 and 152.35

Fundamental analysis

The USDJPY rate is rising on Friday after rebounding from the 153.85 support level. Sellers’s attempts to strengthen the yen remain restrained despite growing expectations of a Bank of Japan interest rate hike. On Thursday, Bank of Japan Deputy Governor Ryozo Himino reiterated that the BoJ is ready to continue tightening monetary policy if economic indicators and inflation align with forecasts.

Tokyo core inflation data confirmed the BoJ’s hawkish stance, with the rate accelerating to 2.5% in January, reaching an 11-month high. The Japanese economy received additional support from strong retail sales, recovering industrial production, and an unexpected decline in the unemployment rate.

At the same time, the US economy is sending mixed signals. Although initial jobless claims decreased by 16 thousand to 207 thousand, indicating a stable US labour market, economic growth rates in Q4 were lower than expected. The country’s GDP grew by 2.3% year-on-year, below the projected 2.6%.

US inflation continues to accelerate. The PCE price index, a key inflation gauge monitored by the Federal Reserve, rose by 2.3% from 1.5% in Q3. The core PCE price index, excluding volatile components such as energy and food prices, increased by 2.5% in Q4, aligning with analysts' forecasts.

RoboForex Market Analysis & Forex Forecasts

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Sincerely,
The RoboForex Team

USDJPY rises: the US dollar is in demand due to higher risks

The USDJPY pair rose to 155.50 at the beginning of the week. The US imposed trade tariffs on its major partners. Find out more in our analysis for 3 February 2025.

USDJPY technical analysis

On the H4 chart, the USDJPY pair is gaining local upward momentum to the first crucial target of 155.91. If buyers find a foothold above this level, the next upside target will be 156.38, with the subsequent crucial target at 156.74.



The USDJPY pair is rising rapidly on Monday. The market is massively risk-averse as the US launched a new round of trade wars.

Read more - USDJPY Forecast

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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Sincerely,
The RoboForex Team

EURUSD: the pair is recovering after the fall

The EURUSD rate returned to 1.0350 as part of a correction after declining at the market opening on Monday. This week, market participants are awaiting US labour market statistics. Find out more in our analysis for 4 February 2025.

EURUSD forecast: key trading points

• Market focus: market participants are awaiting US labour market statistics this week, including ADP data, nonfarm payrolls, and the unemployment rate
• Current trend: a downtrend
• EURUSD forecast for 4 February 2025: 1.0350 and 1.0200

Fundamental analysis

The EURUSD pair recovered slightly after the fall caused by the introduction of US restrictive tariffs against Canada, Mexico, and China. Investors are concerned about the continuation of trade wars, which may also affect the eurozone. US President Donald Trump earlier promised to consider imposing tariffs on European goods.

This week, the market will focus on US employment statistics, with ADP data, nonfarm payrolls, and the unemployment rate scheduled for release. Stronger-than-expected data will support the US dollar, potentially pushing the EURUSD pair lower. Conversely, weaker data could drive growth in the euro.

RoboForex Market Analysis & Forex Forecasts

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Sincerely,
The RoboForex Team

USDJPY: the pair declines ahead of the US ADP employment data

The USDJPY rate fell below 154.00 on Wednesday amid rising wages in Japan. Today, the market will focus on the US ADP employment statistics. Find out more in our analysis for 5 February 2025.

USDJPY technical analysis

On the H4 chart, the USDJPY pair is undergoing a downward correction after the previous growth. The pair is trading in a descending price channel, with the price approaching its lower boundary. The key support level is currently at 152.50.



The USDJPY rate plunged to the area around 153.00, driven by Japan’s positive economic statistics.

Read more - USDJPY Forecast

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Sincerely,
The RoboForex Team