08.05.202008:06 Forex Analysis & Reviews: Fractal analysis of the main currency pairs for May 8

Forecast for May 8:

Analytical review of currency pairs on the scale of H1:

For the euro / dollar pair, the key levels on the H1 scale are: 1.0945, 1.0922, 1.0886, 1.0859, 1.0824, 1.0798, 1.0766 and 1.0728. Here, the price forms the potential for the upward movement of May 7. Short-term upward movement is expected in the range of 1.0859 - 1.0886. The breakdown of the last level will lead to a pronounced movement. In this case, the target is 1.0922. For the potential value for the top, we consider the level of 1.0945. Upon reaching which, we expect consolidation, as well as a downward pullback.

A short-term downward movement is possible in the range of 1.0824 - 1.0798. The breakdown of the last level will favor the development of a downward trend from May 1. In this case, the first target is 1.0766. For the potential value for the bottom, we consider the level of 1.0728.

The main trend is the downward cycle of May 1, the formation of potential for the top.

Trading recommendations:

Buy: 1.0860 Take profit: 1.0884

Buy: 1.0887 Take profit: 1.0920

Sell: 1.0824 Take profit: 1.0800

Sell: 1.0796 Take profit: 1.0766

For the pound / dollar pair, the key levels on the H1 scale are: 1.2494, 1.2463, 1.2420. 1.2352, 1.2312, 1.2264, 1.2226 and 1.2153. Here, the price forms the potential for the top of May 7 in the correction from the downward structure. The continuation of the upward movement is expected after the breakdown of the level of 1.2420. In this case, the target is 1.2463. For the potential value, we consider the level of 1.2494. We expect the design of expressed initial conditions to this level.

A short-term downward movement is possible in the range of 1.2352 - 1.2312. The breakdown of the last level will lead to the development of a downward trend. In this case, the first target is 1.2264. Short-term downward movement, as well as consolidation is in the range of 1.2264 - 1.2226. For the potential value for the bottom, we consider the level of 1.2153. Upon reaching which, we expect an upward pullback.

The main trend is the downward cycle of April 30, the formation of potential for the top of May 7.

Trading recommendations:

Buy: 1.2420 Take profit: 1.2460

Buy: 1.2463 Take profit: 1.2492

Sell: 1.2350 Take profit: 1.2314

Sell: 1.2310 Take profit: 1.2265

For the dollar / franc pair, the key levels on the H1 scale are: 0.9819, 0.9785, 0.9758, 0.9741, 0.9709, 0.9687, 0.9660 and 0.9642. Here, the price is in the correction zone from the upward structure on May 1. The continuation of the downward movement is expected after the breakdown of the level of 0.9709. In this case, the target is 0.9687. Price consolidation is in this range and from here we expect a key upward reversal. The breakdown of the level of 0.9687 should be accompanied by the development of pronounced movement to the bottom. Here, the target is 0.9660. For the potential value for the downward trend, we consider the level of 0.9642.

A short-term upward movement is possible in the range of 0.9741 - 0.9758. The breakdown of the last level will have the subsequent development of an upward trend. Here, the first target is 0.9785. For the potential value for the top, we consider the level of 0.9819.

The main trend is the upward cycle from May 1, the correction stage

Trading recommendations:

Buy : 0.9741 Take profit: 0.9756

Buy : 0.9760 Take profit: 0.9785

Sell: 0.9709 Take profit: 0.9688

Sell: 0.9685 Take profit: 0.9662

For the dollar / yen pair, the key levels on the scale are : 106.89, 106.58, 106.42, 106.13, 105.80 and 105.52. Here, we are following the downward structure from April 30. At the moment, the price is in the correction zone and forms the potential for the top of May 6. The continuation of the downward movement is expected after the breakdown of the level of 106.13. In this case, the target is 105.80. Price consolidation is near this level. For the potential value for the bottom, we consider the level of 105.52. Upon reaching which, we expect an upward pullback.

A short-term upward movement is possible in the range of 106.42 - 106.58. The breakdown of the last level will lead to an in-depth correction. Here, the target is 106.89. This level is a key support for the bottom.

The main trend: the downward cycle of April 30

Trading recommendations:

Buy: 106.42 Take profit: 106.57

Buy : 106.60 Take profit: 106.87

Sell: 106.11 Take profit: 105.82

Sell: 105.78 Take profit: 105.54

For the Canadian dollar / US dollar pair, the key levels on the H1 scale are: 1.4061, 1.4009, 1.3971, 1.3917, 1.3867, 1.3786 and 1.3729. Here, the development of the upward trend has been canceled and at the moment, we are following the formation of the downward structure of May 7. Short-term downward movement is expected after the breakdown of the level of 1.3917. In this case, the target is 1.3867. Price consolidation is near this level. The breakdown of the level of 1.3865 will lead to the development of a pronounced downward movement. In this case, the target is 1.3786. We consider the level of 1.3729 to be a potential value for the downward trend. Upon reaching which, we expect consolidation, as well as a pullback to correction.

A short-term upward movement is possible in the range of 1.3971 - 1.4009. The breakdown of the last level will lead to an in-depth correction. In this case, the target is 1.4061.

The main trend is the descending structure of May 7

Trading recommendations:

Buy: 1.3971 Take profit: 1.4006

Buy : 1.4012 Take profit: 1.4060

Sell: 1.3915 Take profit: 1.3870

Sell: 1.3865 Take profit: 1.3790

For the Australian dollar / US dollar pair, the key levels on the H1 scale are : 0.6671, 0.6628, 0.6608, 0.6571, 0.6547, 0.6508, 0.6477 and 0.6435. Here, we are following the development of the ascending structure of May 7. Short-term upward movement is expected in the range of 0.6547 - 0.657. The breakdown of the last level should be accompanied by a pronounced upward movement. In this case, the target is 0.6608. Price consolidation is in the range of 0.6608 - 0.6628. For the potential value for the top, we consider the level of 0.6671. Upon reaching which, we expect a downward pullback.

A short-term downward movement is expected in the range of 0.6508 - 0.6477. The breakdown of the last level will lead to an in-depth correction. In this case, the potential target is 0. 6435. This level is a key support for the top.

The main trend is the upward structure of May 7

Trading recommendations:

Buy: 0.6547 Take profit: 0.6570

Buy: 0.6574 Take profit: 0.6608

Sell : 0.6508 Take profit : 0.6480

Sell: 0.6475 Take profit: 0.6440

For the euro / yen pair, the key levels on the H1 scale are: 115.79, 115.21, 114.43, 114.04 and 112.92. Here, we are following the development of the downward cycle of May 1. At the moment, the price is in correction. Short-term downward movement is possible in the range of 114.43 - 114.04, from here we expect a key reversal to the top. The breakdown of the level of 114.04 will be accompanied by an unstable development of the situation. Here, the potential goal is 112.92.

A short-term upward movement is possible in the range of 115.21 - 115.79. The breakdown of the last level will lead to the formation of initial conditions for the upward cycle. In this case, the subsequent goals have not yet been determined.

The main trend is the downward cycle of May 1, the correction stage

Trading recommendations:

Buy: Take profit:

Buy: 115.24 Take profit: 115.76

Sell: 114.40 Take profit: 114.06

Sell: 113.95 Take profit: 113.50

For the pound / yen pair, the key levels on the H1 scale are : 132.27, 131.60, 130.59, 130.10, 129.46, 128.89. Here, we are following the development of the downward structure of April 30. At the moment, the price is in correction. A short-term downward movement is expected in the range of 130.59 - 130.10. The breakdown of the last level will lead to a pronounced downward movement. Here, the target is 129.46. For the potential value for the bottom, we consider the level of 128.89. Upon reaching which, we expect an upward pullback.

Short-term upward movement is expected in the range of 131.60 - 132.27. The breakdown of the last level will lead to the formation of initial conditions for the upward cycle. In this case, the potential target is 133.53.

The main trend is the downward structure of April 30, the correction stage

Trading recommendations:

Buy: 132.35 Take profit: 132.80

Buy: Take profit:

Sell: 130.59 Take profit: 130.15

Sell: 130.05 Take profit: 129.46