06.05.201909:38 Forex Analysis & Reviews: Fractal analysis of major currency pairs on May 6

Dear colleagues.

For the currency pair Euro/Dollar, we expect the formation of a local upward structure to continue the upward movement and the level of 1.1220 is the key resistance. For the currency pair Pound/Dollar, the price has issued a local structure for the top of May 3 and the development of which is expected after the breakdown of 1.3189. For the currency pair Dollar/Franc, the range of 1.0169 – 1.0153 is the key support for the top. For the currency pair Dollar/Yen, the continuation of the development of the downward cycle of April 24 is expected after the breakdown of 110.30. For the currency pair Euro/Yen, we follow the downward structure of May 1 and the level of 123.53 is the key resistance. For the currency pair Pound/Yen, we continue to monitor the upward structure from April 26, the continuation of the upward movement is expected after the breakdown of 145.54 and the level of 144.74 is the key support.

Forecast for May 6:

Analytical review of H1-scale currency pairs:

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 follow the upward trend from April 25th. 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 you to count on the movement to the potential target is 1.1313.

The short-term downward movement is possible in the range of 1.1171 – 1.1147 and the breakdown of the latter value will have to develop a downward structure. In this case, the first potential target is 1.1117.

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

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

For the currency pair Pound/Dollar, the key levels on the H1 scale are 1.3318, 1.3247, 1.3222, 1.3185, 1.3103, 1.3074, 1.3030 and 1.2986. We determine the local structure on May 3 from the subsequent targets for the upward trend. The continuation of the upward movement is expected after the breakdown of 1.3185. In this case, the goal is 1.3222 and consolidation is near this level. 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 short-term downward movement is expected in the area of 1.3103 – 1.3074 and the breakdown of the last value will lead to a prolonged correction. The target is 1.3030 and this level is the key support for the local upward structure.

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

Trading recommendations:

Buy: 1.3185 Take profit: 1.3222

Buy: 1.3247 Take profit: 1.3318

Sell: 1.3103 Take profit: 1.3075

Sell: 1.3072 Take profit: 1.3030

For the currency pair Dollar/Franc, the key levels on the H1 scale are 1.0264, 1.0242, 1.0227, 1.0205, 1.0182, 1.0169, 1.0153 and 1.0124. The price has issued the initial conditions for the upward cycle 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 of 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 of May 1, the stage of correction.

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

For the currency pair Dollar/Yen, the key levels on the H1 scale are 111.30, 111.07, 110.90, 110.49, 110.31, 109.92 and 109.70. We continue to monitor the downward structure of April 24. The short-term downward movement is expected in the area of 110.49 – 110.31 and the breakdown of the last value should be accompanied by a pronounced downward movement. The target is 109.92. We consider the level of 109.70 to be a potential value for the bottom, upon reaching which, we expect consolidation, as well as a rollback to the top.

The short-term upward movement is possible in the area of 110.90 – 110.07 and the breakdown of the latter value will lead to a prolonged correction. The goal is 111.30 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: 110.90 Take profit: 111.07

Buy: 111.09 Take profit: 111.30

Sell: 110.49 Take profit: 110.31

Sell: 110.28 Take profit: 109.92

For the currency pair Canadian Dollar/Dollar, the key levels on the H1 scale are 1.3561, 1.3534, 1.3512, 1.3483, 1.3448, 1.3433 and 1.3415. We monitor the initial conditions for the top of May 1st. We expect further development of the upward structure after the breakdown of 1.3483. In this case, the target is 1.3512 and in the area of 1.3512 – 1.3534 is the price consolidation. 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 expected in the area of 1.3448 – 1.3433 and the breakdown of the latter value will lead to an in-depth correction. The target is 1.3415 and this level is the key support for the upward structure.

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

Trading recommendations:

Buy: 1.3483 Take profit: 1.3512

Buy: 1.3514 Take profit: 1.3534

Sell: 1.3448 Take profit: 1.3433

Sell: 1.3413 Take profit: 1.3380

For the currency pair Australian Dollar/Dollar, the key levels on the H1 scale are 0.7031, 0.7015, 0.7003, 0.6984, 0.6963, 0.6945 and 0.6923. We follow the development of the downward structure of April 30. The continuation of the downward movement is expected after the breakdown of 0.6984. In this case, the target is 0.6963 and in the area of 0.6963 – 0.6945 is the short-term downward movement, as well as consolidation. We consider the level of 0.6923 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 0.7003 – 0.7015 and the breakdown of the latter value will lead to an in-depth movement. The target is 0.7031 and this level is the key support for the bottom.

The main trend is the downward structure of April 30.

Trading recommendations:

Buy: 0.7015 Take profit: 0.7030

Buy: Take profit:

Sell: 0.6984 Take profit: 0.6963

Sell: 0.6961 Take profit: 0.6945

For the currency pair Euro/Yen, the key levels on the H1 scale are 124.50, 124.25, 124.05, 123.53, 123.29, 122.94 and 122.73. We follow the development of the downward structure of May 1. The short-term downward movement is possible in the range of 123.53 – 123.29 and the breakdown of the latter value should be accompanied by a pronounced downward movement. In this case, the target is 122.94. We consider the level of 122.73 as a potential value for the bottom, upon reaching which, we expect consolidation, as well as a rollback to the top.

The short-term upward movement is possible in the area of 124.05 – 124.25 and the breakdown of the latter value will lead to a prolonged movement. The target is 124.50 and this level is the key support for the downward structure.

The main trend is the downward cycle of May 1st.

Trading recommendations:

Buy: 124.05 Take profit: 124.25

Buy: 124.30 Take profit: 124.50

Sell: 123.53 Take profit: 123.30

Sell: 123.25 Take profit: 122.94

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 target is 146.00. The passage of the price of the range of 146.00 – 146.20 will lead to a movement to the 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 target is 144.74 and this level is the key support for the top.

The main trend is the upward structure of April 26, the stage of correction.

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