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Forex Analysis:::2019-05-02

Fractal analysis of major currency pairs on May 2

Dear colleagues.

For the currency pair Euro/Dollar, the continuation of the upward trend in the scale of H1 is expected after the breakdown of 1.1236 and the level of 1.1171 is the key support. For the currency pair Pound/Dollar, we continue to monitor the development of the upward structure from April 25 and the level of 1.2997 is the key support. For the currency pair Dollar/Franc, we follow the formation of the initial conditions for the downward cycle of April 26 and the development of this structure is expected after the breakdown of 1.0150. For the currency pair Dollar/Yen, we expect the continuation of the downward movement after the passage of the range of 111.44 – 111.30. For the currency pair Euro/Yen, the price forms the initial conditions for the top from April 26 and the level of 125.31 is the key resistance. For the currency pair Pound/Yen, we continue to follow the upward structure of April 26 and the continuation of the upward movement is expected after the breakdown of 145.73 and the level of 145.07 is the key support.

Forecast for May 2:

Analytical review of H1-scale currency pairs:

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For the currency pair Euro/Dollar, the key levels on the H1 scale are 1.1313, 1.1271, 1.1256, 1.1236, 1.1188, 1.1171, 1.1147 and 1.1117. The upward structure of April 25th was considered as a large initial condition. The development of this structure is expected after the breakdown of 1.1236. In this case, the first goal is 1.1256 and in the area of 1.1256 – 1.1271 is the consolidation. The breakdown of the level of 1.1271 should be accompanied by a pronounced upward movement. The potential target is 1.1313.

The short-term downward movement is possible in the range of 1.1188 – 1.1171 and the breakdown of the latter value will lead to a prolonged correction. The target is 1.1147 and this level is the key support for the upward structure.

The main trend is the upward structure of April 25.

Trading recommendations:

Buy 1.1236 Take profit: 1.1255

Buy 1.1271 Take profit: 1.1310

Sell: 1.1188 Take profit: 1.1172

Sell: 1.1169 Take profit: 1.1147

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For the currency pair Pound/Dollar, the key levels on the H1 scale are 1.3185, 1.3119, 1.3093, 1.3030, 1.2997 and 1.2955. We follow the development of the upward structure of April 25. The continuation of the upward movement is expected after the price passes the range of 1.3093 – 1.3119. In this case, the first potential target is 1.3185 and consolidation is near this level.

The short-term downward movement is expected in the area of 1.3030 – 1.2997 and the breakdown of the last value will lead to a prolonged correction. The target is 1.2955 and this level is the key support for the upward cycle.

The main trend is the upward structure of April 25.

Trading recommendations:

Buy: 1.3093 Take profit: 1.3118

Buy: 1.3120 Take profit: 1.3185

Sell: 1.3030 Take profit: 1.3000

Sell: 1.2996 Take profit: 1.2955

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For the currency pair Dollar/Franc, the key levels on the H1 scale are 1.0234, 1.0211, 1.0193, 1.0150, 1.0118, 1.0085 and 1.0044. We follow the formation of the downward structure of April 26. The continuation of the downward movement is expected after the breakdown of 1.0150. In this case, the first goal is 1.0118 and the breakdown of which will lead to a pronounced movement. The goal is 1.0085 and price consolidation is near this level. We consider the level of 1.0044 as a potential value for the downward trend.

The short-term upward movement is possible in the area of 1.0193 – 1.0211 and the breakdown of the latter value will have to form an upward structure. The potential target is 1.0234.

The main trend is the formation of the downward structure of April 26.

Trading recommendations:

Buy: 1.0193 Take profit: 1.0210

Buy: 1.0213 Take profit: 1.0234

Sell: 1.0150 Take profit: 1.0120

Sell: 1.0116 Take profit: 1.0090

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For the currency pair Dollar/Yen, the key levels on the H1 scale are 112.14, 111.89, 111.74, 111.44, 111.30, 110.97 and 110.57. We continue to monitor the downward structure of April 24. The subsequent development of this structure is expected after the price passes the range of 111.44 – 111.30. In this case, the goal is 110.97, and consolidation is near this level. We consider the level of 110.57 as a potential value for the downward cycle, near which we expect consolidation, as well as a rollback to the top.

The short-term upward movement is possible in the area of 111.74 – 111.89 and the breakdown of the latter value will lead to a prolonged correction. The goal is 112.14 and this level is the key support for the downward structure of April 24.

The main trend is the downward structure of April 24.

Trading recommendations:

Buy: 111.74 Take profit: 111.88

Buy: 111.90 Take profit: 112.14

Sell: 111.30 Take profit: 111.00

Sell: 110.95 Take profit: 110.58

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For the currency pair Canadian Dollar/Dollar, the key levels on the H1 scale are 1.3516, 1.3487, 1.3465, 1.3448, 1.3407, 1.3370, 1.3346, 1.3329 and 1.3275. We follow the development of the downward structure of April 25. The continuation of the downward movement is expected after the breakdown of 1.3407. In this case, the target is 1.3370 and the breakdown of which will lead to the subsequent development of the downward trend on the H1 scale. The first target is 1.3346. The price pass of the range of 1.3346 – 1.3329 should be accompanied by a pronounced movement towards a potential target of 1.3275, from this level, we expect a rollback to the top.

The short-term upward movement is expected in the area of 1.3448 – 1.3465 and the breakdown of the last value will lead to an in-depth correction. The target is 1.3487 and this level is the key support for the downward structure. Its breakdown will have an upward trend. In this case, the potential target is 1.3516.

The main trend is the downward structure of April 25.

Trading recommendations:

Buy: 1.3448 Take profit: 1.3463

Buy: 1.3466 Take profit: 1.3485

Sell: 1.3405 Take profit: 1.3370

Sell: 1.3368 Take profit: 1.3346

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For the currency pair Australian Dollar/Dollar, the key levels on the H1 scale are 0.7137, 0.7116, 0.7088, 0.7064, 0.7046, 0.7003, 0.6986 and 0.6967. The price is close to the abolition of the upward structure of April 25, for which a breakdown of the level of 0.7003 is necessary. In this case, the first target is 0.6986 and consolidation is near this level. We consider the level of 0.6967 as a potential value for the downward movement. The resumption of the upward movement is expected after the breakdown of 0.7046. The goal is 0.7064, the breakdown of which, in turn, will lead to a pronounced movement. In this case, the goal is 0.7088.

The main trend is the upward structure of April 25, the stage of deep correction.

Trading recommendations:

Buy: 0.7046 Take profit: 0.7062

Buy: 0.7066 Take profit: 0.7088

Sell: 0.7003 Take profit: 0.6988

Sell: 0.6984 Take profit: 0.6968

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For the currency pair Euro/Yen, the key levels on the H1 scale are 126.13, 125.86, 125.31, 125.13, 124.71, 124.48, 124.30 and 124.05. We continue to monitor the formation of the initial conditions for the upward cycle of April 26. The short-term upward movement is expected in the area of 125.13 – 125.31 and the breakdown of the latter value will lead to the development of a pronounced movement. The goal is 125.86. We consider the level of 126.13 as a potential value for the top, after reaching which, we expect consolidation, as well as a rollback to the bottom.

A corrective downward movement is possible in the area of 124.71 – 124.48. The passage of the key support price of 124.48 – 124.30 will lead to the subsequent development of the downward trend on the H1 scale. In this case, the potential target is 124.05.

The main trend is the formation of initial conditions for the top of April 26.

Trading recommendations:

Buy: 125.31 Take profit: 125.80

Buy: 125.88 Take profit: 126.13

Sell: 124.70 Take profit: 124.50

Sell: 124.30 Take profit: 124.05

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For the currency pair Pound/Yen, the key levels on the H1 scale are 146.63, 146.20, 146.00, 145.73, 145.29, 145.07 and 144.74. We follow the development of the upward cycle of April 26. The continuation of the upward movement is expected after the breakdown of 145.73. In this case, the goal is 146.00. The passage of the price of the range of 146.00 – 146.20 will lead to movement to a potential target of 146.63, from this level, we expect a rollback to the bottom.

The short-term downward movement is possible in the area of 145.29 – 145.07 and the breakdown of the latter value will lead to an in-depth correction. The goal is 144.74 and this level is the key support for the top.

The main trend is the upward structure of April 26.

Trading recommendations:

Buy: 145.75 Take profit: 146.00

Buy: 146.20 Take profit: 146.60

Sell: 145.27 Take profit: 145.07

Sell: 145.04 Take profit: 144.80

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Daichi Takahashi
Analyst InstaForex
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