22.05.201905:00 Forex Analysis & Reviews: Fractal analysis of major currency pairs for May 22

Forecast for May 22:

Analytical review of H1-scale currency pairs:

For the euro / dollar pair, the key levels on the H1 scale are: 1.1222, 1.1212, 1.1197, 1.1184, 1.1156, 1.1144 and 1.1112. Here, we continue to follow the development of the downward structure of May 13. Short-term downward movement is expected in the range of 1.1156 - 1.1144. The breakdown of the last value should be accompanied by a pronounced downward movement. In this case, the potential target is the level of 1.1112. We expect a rollback to the top from this level.

Short-term ascending movement is possible in the range of 1.1184 - 1.119. The breakdown of the last value will lead to a prolonged correction. Here, the goal is the level of 1.1212. The range of 1.1212 - 1.1222 is a key support for the downward movement. We expect the initial conditions for the ascending cycle to reach it.

The main trend is the downward structure of May 13.

Trading recommendations:

Buy 1.1184 Take profit: 1.1195

Buy 1.1198 Take profit: 1.1210

Sell: 1.1156 Take profit: 1.1145

Sell: 1.1142 Take profit: 1.1116

For the pound / dollar pair, the key levels on the H1 scale are: 1.2840, 1.2773, 1.2733, 1.2693, 1.2659 and 1.2588. Here, we continue to follow the development of the downward structure of May 3. Meanwhile, in the range of 1.2693 - 1.2659, we expect a short-term downward movement. The breakdown of the level 1.2659 will lead to the movement to the potential target - 1.2588. Upon reaching which, we expect a rollback to the top.

Short-term upward movement is possible in the range of 1.2733 - 1.2773. The breakdown of the latter value will lead to a prolonged correction. Here, the target is the level of 1.2840. This level is a key support for the downward structure.

The main trend is the downward cycle of May 3rd.

Trading recommendations:

Buy: 1.2733 Take profit: 1.2771

Buy: 1.2775 Take profit: 1.2840

Sell: 1.2693 Take profit: 1.2660

Sell: 1.2657 Take profit: 1.2590

For the dollar / franc pair, the key levels on the H1 scale are: 1.0160, 1.0142, 1.0131, 1.0113, 1.0084, 1.0072 and 1.0048. Here, we are following the formation of the ascending structure of May 13. Continuation of the movement to the top is expected after the breakdown of the level of 1.0113. In this case, the target is the level of 1.0131. Meanwhile, in the range of 1.0131 - 1.0142, there is a short-term upward movement, as well as consolidation. For the potential value for the top, we consider the level of 1.0160. After reaching which, we expect a rollback to the bottom.

Short-term downward movement is possible in the range of 1.0084 - 1.0072. The breakdown of the latter value will have to the development of the downward structure. Here, the potential target is the level of 1.0048. Up to this level we expect the initial conditions for the downward cycle.

The main trend is the ascending structure of May 13.

Trading recommendations:

Buy : 1.0113 Take profit: 1.0130

Buy : 1.0142 Take profit: 1.0160

Sell: 1.0084 Take profit: 1.0073

Sell: 1.0070 Take profit: 1.0050

For the dollar / yen pair, the key levels on the scale are : 111.59, 111.31, 110.98, 110.81, 110.39, 110.23, 109.96 and 109.73. Here, we are following the development of the ascending cycle of May 13. Short-term upward movement is expected in the range of 110.81 - 110.98. The breakdown of the last value should be accompanied by a pronounced upward movement. Here, the goal is the level of 111.31. For the potential value for the top, we consider the level of 111.59. After reaching which, we expect a rollback to the bottom.

Short-term downward movement is possible in the range of 110.39 - 110.23. The breakdown of the last value will lead to in-depth correction. Here, the goal is the level of 109.98. This level is a key support for the upward structure. Its breakdown will have to form the initial conditions for the downward cycle. In this case, the potential target will be the level of 109.73.

The main trend: the ascending structure of May 13.

Trading recommendations:

Buy: 111.00 Take profit: 111.30

Buy: 111.33 Take profit: 111.58

Sell: 110.20 Take profit: 109.96

Sell: 109.94 Take profit: 109.75

For the Canadian dollar / US dollar pair, the key levels on the H1 scale are: 1.3452, 1.3430, 1.3415, 1.3386, 1.3374, 1.3353 and 1.3325. Here, we are following the development of the downward structure of May 17th. Continuation of the movement to the bottom is expected after the passage of the price to the noise range 1.3386 - 1.3374. In this case, the target is the level of 1.3353, wherein consolidation is near this level. For the potential value for the bottom, we consider the level of 1.3325. After reaching which, we expect to go into a correction.

Short-term upward movement is possible in the range of 1.3415 - 1.3430. The breakdown of the latter value will lead to a prolonged correction. Here, the target is the level of 1.3452. This level is a key support for the top.

The main trend is the downward structure of May 17.

Trading recommendations:

Buy: 1.3415 Take profit: 1.3430

Buy : 1.3432 Take profit: 1.3450

Sell: 1.3474 Take profit: 1.3355

Sell: 1.3351 Take profit: 1.3327

For the pair Australian dollar / US dollar key levels on the H1 scale are : 0.6932, 0.6917, 0.6901, 0.6891, 0.6861, 0.6848, 0.6838, 0.6813 and 0.6795. Here, after the abolition of the ascending structure, we follow the formation of local initial conditions for the downward movement of May 20. Continuation of the movement to the bottom is expected after the breakdown of the level of 0.6861. Here, the target is the level of 0.6848, wherein consolidation is near this level. Passing through the noise range 0.6848 - 0.6838 will lead to the development of a pronounced movement. In this case, the target is the level of 0.6813. For the potential value for the bottom, we consider the level of 0.6795. After reaching which, we expect a rollback to the top.

Short-term upward movement is expected perhaps in the range of 0.6891 - 0.6901. The breakdown of the latter value will lead to a prolonged movement. Here, the goal is the level of 0.6917. This level is a key support for the downward structure.

The main trend is the formation of a local descending structure of May 20.

Trading recommendations:

Buy: 0.6891 Take profit: 0.6900

Buy: 0.6903 Take profit: 0.6916

Sell : 0.6860 Take profit : 0.6848

Sell: 0.6838 Take profit: 0.6815

For the euro / yen pair, the key levels on the H1 scale are: 124.43, 124.24, 123.91, 123.67, 123.22, 123.00 and 122.68. Here, we are following the development of the ascending cycle of May 15. Short-term upward movement is expected in the range of 123.67 - 123.91. The breakdown of the last value should be accompanied by a pronounced upward movement. Here, the target is the level of 124.24. We consider the level of 124.43 to be a potential value for the top. After reaching which, we expect a consolidation, as well as a pullback to the bottom.

Short-term downward movement is expected in the range of 123.22 - 123.00. The breakdown of the last value will lead to a prolonged correction. Here, the goal is the level of 122.68. This level is a key support for the top.

The main trend is the ascending structure of May 15.

Trading recommendations:

Buy: 123.68 Take profit: 123.90

Buy: 123.94 Take profit: 124.24

Sell: 123.20 Take profit: 123.03

Sell: 122.96 Take profit: 122.70

For the pound / yen pair, the key levels on the H1 scale are : 143.69, 143.15, 142.39, 142.09, 141.65, 141.14, 140.35, 140.03 and 139.58. Here, the price forms the expressed initial conditions for the top of May 21. Continuation of the movement to the top is expected after the breakdown of the level of 141.14. In this case, the first target is the level of 141.65, wherein consolidation is near this level. Passing the price level of 141.66 will lead to movement to the level of 142.09. A pronounced upward movement is expected after the price passes the noise range of 142.09 - 142.39. In this case, the target is the level of 143.15. For the potential value for the top, we consider the level of 143.69. From which, we expect a rollback to the correction.

Short-term downward movement is possible in the range of 140.35-140.03. The breakdown of the latter value will have to design the descending structure. Here, the target is the level of 139.58.

The main trend is the local ascending structure of May 21.

Trading recommendations:

Buy: 141.14 Take profit: 141.63

Buy: 141.67 Take profit: 142.09

Sell: 140.35 Take profit: 140.05

Sell: 140.00 Take profit: 139.60