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Forex Analysis:::2019-05-09

Fractal analysis of major currency pairs on May 9

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, we follow the development of the downward structure from May 3 and the continuation of the downward movement is expected after the breakdown of 1.2980. 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 from April 24 is expected after the breakdown of 109.92 and the level of 110.31 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 122.90 and the level of 123.53 is the key support. For the currency pair Pound/Yen, the subsequent targets for the downward movement were determined from a larger structure on May 3 and the continuation of the downward movement is expected after the passage of the price of the range of 142.85 – 142.62.

Forecast for May 9:

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 1.3079, 1.3045, 1.3024, 1.2981, 1.2946, 1.2927 and 1.2882. We follow the development of the downward structure from May 3. The continuation of the downward movement is expected after the breakdown of 1.2981. In this case, the target is 1.2946 and in the area of 1.2946 – 1.2927 is the consolidation. We consider the level of 1.2882 as a potential value for the bottom, upon reaching which, we expect a rollback to the top.

The short-term upward movement is possible in the area of 1.3024 – 1.3045 and the breakdown of the last value will lead to a protracted correction. The target is 1.3079 and this level is the key support for the downward structure.

The main trend is the downward cycle of May 3.

Trading recommendations:

Buy: 1.3025 Take profit: 1.3044

Buy: 1.3047 Take profit: 1.3077

Sell: 1.2980 Take profit: 1.2946

Sell: 1.2925 Take profit: 1.2882

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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 continue to monitor 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 passage of the price 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 target 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 development of the upward structure 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 of 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 target 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 0.7016, 0.6996, 0.6981, 0.6862, 0.6948, 0.6931 and 0.6920. We follow the development of the downward structure from May 7. The continuation of the downward movement is expected after the breakdown of 0.6962. In this case, the target is 0.6948 and near this level is the price consolidation. The breakdown of 0.6948 will lead to the development of a pronounced movement. The target is 0.6931. We consider the level of 0.6920 as a potential value for the bottom, upon reaching which, we expect a rollback to the top.

The short-term upward movement is possible in the area of 0.6981 – 0.6996 and the breakdown of the last value will have to form an upward structure. In this case, the potential target is 0.7016.

The main trend is the downward structure of May 7.

Trading recommendations:

Buy: 0.6981 Take profit: 0.6994

Buy: 0.6998 Take profit: 0.7014

Sell: 0.6960 Take profit: 0.6950

Sell: 0.6946 Take profit: 0.6931

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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 short-term downward movement is expected in the area of 122.90 – 122.64. 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 correction is expected after the breakdown of 123.26. The first target is 123.53. 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 target 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: 123.26 Take profit: 123.5

Buy: 123.53 Take profit: 123.76

Sell: 122.90 Take profit: 122.66

Sell: 122.55 Take profit: 122.00

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For the currency pair, Pound/Yen the key levels on the H1 scale are 144.27, 143.71, 143.36, 142.85, 142.62, 141.92 and 141.24. We have identified the subsequent targets for the downward movement from the large initial conditions on May 3. The continuation of the downward movement is expected after the passage of the price of the range of 142.85 – 142.62. In this case, the target is 141.92 and near this level is the price consolidation. We consider the level of 141.24 as a potential value for the bottom, upon reaching which, we expect a rollback to the top.

The short-term upward movement is possible in the area of 143.36 – 143.71 and the breakdown of the last value will lead to a protracted correction. The target is 144.27 and this level is the key support for the bottom.

The main trend is the downward cycle of May 3.

Trading recommendations:

Buy: 143.36 Take profit: 143.70

Buy: 143.75 Take profit: 144.25

Sell: 142.62 Take profit: 144.04

Sell: 141.90 Take profit: 141.30

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Daichi Takahashi
Analyst InstaForex
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