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Forex Analysis:::2019-05-08

Fractal analysis of major currency pairs on May 8

Hello, dear colleagues.

For the currency pair Euro/Dollar, the development of the local upward structure from May 3 is expected after the breakdown of 1.1220 and the level of 1.1171 is the key support. For the currency pair Pound/Dollar, the price is in deep correction from the initial conditions on May 3 and the level of 1.3030 is the key support. For the currency pair Dollar/Franc, the continuation of the upward movement is expected after the breakdown of 1.0205. For the currency pair Dollar/Yen, the continuation of the downward cycle of April 24 is expected after the breakdown of 109.92 and the level of 110.49 is the key support. For the currency pair Euro/Yen, the continuation of the downward structure from May 1 is expected after the breakdown of 123.22 and the level of 123.79 is the key support. For the currency pair Pound/Yen, we follow the development of the downward cycle from May 3 and the continuation of the downward movement is expected after the breakdown of 143.53.

Forecast for May 8:

Analytical review of the currency pairs in H1 scale:

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For the currency pair Euro/Dollar, the key levels on the H1 scale are 1.1313, 1.1271, 1.1256, 1.1220, 1.1171, 1.1147 and 1.1117. We continue to follow the upward trend of April 25, as well as the formation of the local structure for the top of May 3. The resumption of the upward structure is possible after the breakdown of 1.1220. The first target is 1.1256. The passage of the price of the range of 1.1256 – 1.1271 will allow us to count on the movement to the potential target of 1.1313.

The short-term downward movement is possible in the range of 1.1171 – 1.1147 and the breakdown of the last value will have to develop a downward structure. In this case, the first potential target is 1.117.

The main trend is the upward structure of April 25, the formation of the local structure of May 3.

Trading recommendations:

Buy 1.1220 Take profit: 1.1255

Buy 1.1271 Take profit: 1.1310

Sell: 1.1169 Take profit: 1.1147

Sell: 1.1145 Take profit: 1.1173

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For the currency pair Pound/Dollar, the key levels on the H1 scale are 1.3318, 1.3247, 1.3222, 1.3185, 1.3131, 1.3074, 1.3030 and 1.2986. We monitor the formation of the local structure from May 3. At the moment, the price is in a deep correction. The passage of the price range of 1.3074 – 1.3030 will lead to the development of a downward structure. The potential target is 1.2986. The continuation of the upward movement is expected after the breakdown of 1.3131. The first target is 1.3185 and the breakdown of which, in turn, will lead to the development of an upward cycle. In this case, the goal is 1.3222 and near this level is the consolidation. The passage of the price of the range of 1.3222 – 1.3247 should be accompanied by a pronounced upward movement to the potential target of 1.3318, from which we expect a rollback to the bottom.

The main trend is the local structure of May 3, the stage of deep correction.

Trading recommendations:

Buy: 1.3131 Take profit: 1.3185

Buy: 1.3187 Take profit: 1.3222

Sell: 1.3072 Take profit: 1.3030

Sell: 1.3028 Take profit: 1.2986

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For the currency pair Dollar/Franc, the key levels in the H1 scale are 1.0264, 1.0242, 1.0227, 1.0205, 1.0182, 1.0169, 1.0153 and 1.0124. We follow the formation of the initial conditions for the top of May 1. The continuation of the upward movement is expected after the breakdown of 1.0205. In this case, the target is 1.0227 and in the area of 1.0227 – 1.0242 is the price consolidation. We consider the level of 1.0264 as a potential value for the top, upon reaching which, we expect a rollback to the bottom.

The range of 1.0169 – 1.0153 is the key support for the upward structure from May 1. Its price passage will have to form the initial conditions for the downward cycle. In this case, the first potential target is 1.0124.

The main trend is the initial conditions for the top from May 1.

Trading recommendations:

Buy: 1.0205 Take profit: 1.0227

Buy: 1.0242 Take profit: 1.0264

Sell: Take profit:

Sell: 1.0150 Take profit: 1.0124

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For the currency pair Dollar/Yen, the key levels in the H1 scale are 110.73, 110.49, 110.31, 109.92, 109.70 and 109.23. We continue to monitor the downward structure of April 24. The short-term downward movement is possible in the area of 109.92 – 109.70 and the breakdown of the last value will lead to a pronounced movement to the potential target of 109.23, upon reaching this level, we expect a rollback to the top.

The short-term upward movement is possible in the area of 110.31 – 110.49 and the breakdown of the last value will lead to a protracted correction. The goal is 110.73 and this level is the key support for the downward structure from April 24.

The main trend is the downward structure of April 24.

Trading recommendations:

Buy: 110.31 Take profit: 110.48

Buy: 110.51 Take profit: 110.73

Sell: 109.92 Take profit: 109.72

Sell: 109.69 Take profit: 109.27

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For the currency pair Canadian Dollar/Dollar, the key levels on the H1 scale are 1.3561, 1.3534, 1.3512, 1.3486, 1.3448, 1.3432, 1.3413 and 1.3375. We follow the initial conditions for the top from May 1. The continuation of the upward movement is expected after the breakdown of 1.3486. In this case, the goal is 1.3512 and in the area of 1.3512 – 1.3534 is the consolidation rates. We consider the level of 1.3561 as a potential value for the top, upon reaching which, we expect a rollback to the bottom.

The short-term downward movement is possible in the area of 1.3448 – 1.3432 and the breakdown of the last value will lead to an in-depth correction. The goal is 1.3413 and this level is the key support for the top.

The main trend is the upward structure from May 1.

Trading recommendations:

Buy: 1.3486 Take profit: 1.3512

Buy: 1.3514 Take profit: 1.3534

Sell: 1.3448 Take profit: 1.3433

Sell: 1.3430 Take profit: 1.3415

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For the currency pair Australian Dollar/Dollar, the key levels on the H1 scale are 0.7134, 0.7112, 0.7079, 0.7051, 0.7003, 0.6984 and 0.6962. We follow the formation of the initial conditions for the top of May 6. The continuation of the upward movement is expected after the breakdown of 0.7051. In this case, the target is 0.7079 and near this level is the price consolidation. The breakout of the level of 0.7079 should be accompanied by a pronounced upward movement. The goal is 0.7112. We consider the level 0.7134 as a potential value for the top, upon reaching this level, we expect a rollback to the bottom.

The short-term downward movement is possible in the area of 0.7003 – 0.6984, hence there is a high probability of a turn to the top. The breakdown of the level of 0.6984 will cancel the upward structure of May 6. In this case, the first potential target is 0.6962.

The main trend is the formation of the initial conditions for the top of May 6.

Trading recommendations:

Buy: 0.7051 Take profit: 0.7076

Buy: 0.7082 Take profit: 0.7112

Sell: 0.7003 Take profit: 0.6986

Sell: 0.6982 Take profit: 0.6962

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For the currency pair Euro/Yen, the key levels on the H1 scale are 124.15, 123.79, 123.53, 123.22, 122.90, 122.64 and 121.92. We follow the development of the downward structure from May 1. The continuation of the downward movement is expected after the breakdown of 123.22. In this case, the target is 122.90 and in the area of 122.90 – 122.64 is the consolidation rates. The breakdown of the level of 122.64 should be accompanied by a pronounced downward movement. The potential target is 121.92, from this level, we expect a rollback to the top.

The short-term upward movement is possible in the area of 123.53 – 123.79 and the breakdown of the last value will lead to a protracted movement. The goal is 124.15 and this level is the key support for the downward structure.

The main trend is the downward cycle from May 1.

Trading recommendations:

Buy: 123.53 Take profit: 123.76

Buy: 123.82 Take profit: 124.15

Sell: 123.20 Take profit: 122.92

Sell: 122.90 Take profit: 122.66

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For the currency pair Pound/Yen, the key levels on the H1 scale are 144.74, 144.42, 144.15, 143.53, 143.01 and 142.71. We follow the development of the downward cycle of May 3. The continuation of the downward movement is expected after the breakdown of 143.53. In this case, the target is 143.01. We consider the level of 142.71 as a potential value for the bottom, upon reaching which, we expect a consolidated movement in the area of 143.01 – 142.71, as well as a rollback to the top.

The short-term upward movement is possible in the area of 144.15 – 144.42 and the breakdown of the last value will lead to a protracted correction. The target is 144.74.

The main trend is the downward cycle of May 3.

Trading recommendations:

Buy: 144.15 Take profit: 144.40

Buy: 144.45 Take profit: 144.74

Sell: 143.50 Take profit: 143.06

Sell: 143.00 Take profit: 142.72

photo
Daichi Takahashi
Analyst InstaForex
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