Outlook on May 17:
Analysis of popular currency pairs on the hourly (H1) chart:
The key levels for the EUR/USD pair are 1.2256, 1.2239, 1.2215, 1.2190, 1.2161, 1.2120, 1.2101, 1.2080 and 1.2053. The next upward targets are determined from the local upward trend on May 13. We expect this trend to continue after the level of 1.2161 is broken. The target is set at 1.2190 and the price may consolidate near it. After that, a short-term growth is possible in the range of 1.2190 - 1.2215. If the last value breaks down, the movement will resume to a potential target of 1.2256. Another short-term growth can be expected in the range of 1.2239 - 1.2256, followed by a downward pullback.
In turn, a short-term decline is likely in the range of 1.2120 - 1.2101. If the latter breaks down, a deep correction will occur. The target is set at 1.2080, which is also the key support level.
The main trend is the local upward trend from May 13.
Trading recommendations:
Buy: 1.2161 Take profit: 1.2190
Buy: 1.2192 Take profit: 1.2214
Sell: 1.2120 Take profit: 1.2103
Sell: 1.2099 Take profit: 1.2080
The key levels for the GBP/USD pair are 1.4252, 1.4221, 1.4187, 1.4149, 1.4122, 1.4071, 1.4045, 1.4007 and 1.3958. The price has determined its subsequent upward targets from the local upward trend on May 13. Here, we expect a short-term growth in the 1.4122 - 1.4149 range. If the level of 1.4149 breaks down, strong growth will continue to the next target of 1.4187. The final potential upward target is 1.4252. After reaching it, the price may consolidate in the range of 1.4221 - 1.4251 and then pullback downwards.
A short-term decline is possible in the range of 1.4071 - 1.4045. If the latter breaks down, it will favor the development of a downward trend. The first target is 1.4007. A potential downward target is the level of 1.3958 and the price may consolidate around it.
The main trend is the local upward trend from May 13.
Trading recommendations:
Buy: 1.4122 Take profit: 1.4148
Buy: 1.4151 Take profit: 1.4187
Sell: 1.4070 Take profit: 1.4046
Sell: 1.4044 Take profit: 1.4008
The key levels for the USD/CHF pair are 0.9093, 0.9066, 0.9047, 0.9031, 0.9010, 0.8993, 0.8966 and 0.8942. The price has been moving in a downward trend since May 12. Now, we expect a short-term decline in the 0.9010 - 0.8993 range. If the latter is broken, strong downward movement will resume to the target of 0.8966. The ultimate potential downward target is 0.8942. After reaching it, the price may consolidate and pullback upwards.
On the other hand, a short-term growth is expected in the 0.9031 - 0.9047 range. If the latter is broken, a deep correction may follow. The target is set at 0.9066, which is also the key support level.
The main trend is the downward trend from May 12.
Trading recommendations:
Buy: 0.9031 Take profit: 0.9046
Buy: 0.9048 Take profit: 0.9066
Sell: 0.9010 Take profit: 0.8995
Sell: 0.8991 Take profit: 0.8966
The key levels for the USD/JPY pair are 110.67, 110.51, 110.19, 110.02, 109.79, 109.41, 109.23 and 108.95. The price has been moving in a bullish trend since April 23 and currently, it has formed a local trend from the high of May 11. We expect this trend to extend after the level of 109.79 is broken. The target is 110.02 and the price may consolidate in the range of 110.02 - 110.19. If the indicated target breaks down, strong growth will continue to the next target of 110.51. The final potential upward target is 110.67. After reaching it, a downward pullback can be expected.
The price is expected to consolidate in the 109.41 - 109.23 range. If the level of 109.23 breaks down, a deep correction will occur. The target is 108.95, which is also the key support level.
The main trend is the upward trend from April 23, local trend from May 11.
Trading recommendations:
Buy: 109.80 Take profit: 110.02
Buy: 110.20 Take profit: 110.50
Sell: 109.21 Take profit: 108.97
Sell: 108.85 Take profit: 108.63
The key levels for the USD/CAD pair are 1.2416, 1.2367, 1.2319, 1.2238, 1.2200, 1.2124, 1.2086 and 1.2048. The price has been moving in an upward trend since May 12. In this case, we expect a short-term growth in the range of 1.2200 - 1.2238. If the latter breaks down, strong upward movement will continue to the next target of 1.2319. After that,a short-term growth with consolidation may occur in the range of 1.2319 - 1.2367. The final potential upward target is 1.2416. After reaching this level, a downward pullback may follow.
Meanwhile, a short-term decline is likely in the 1.2124 - 1.2086 range, thus, a key upward reversal is expected. If the last value breaks down, the downward trend will develop. Here, the first potential target is 1.2048.
The main trend is the upward trend from May 12.
Trading recommendations:
Buy: 1.2200 Take profit: 1.2237
Buy: 1.2240 Take profit: 1.2319
Sell: 1.2124 Take profit: 1.2088
Sell: 1.2085 Take profit: 1.2050
The key levels for the AUD/USD pair are 0.7821, 0.7779, 0.7753, 0.7708, 0.7684, 0.7640, 0.7597 and 0.7570. The downward trend from May 10 is considered as the mid-term initial conditions. Now, we expect a short-term decline in the range of 0.7708 - 0.7684. If the latter breaks down, strong decline will continue to the next target of 0.7640. The price may consolidate around this level. If the indicated target is broken, the movement will continue to the next level of 0.7597. The final potential downward target is 0.7570. After reaching this level, the price may consolidate and pull back upwards.
A short-term growth is possible in the range of 0.7753 - 0.7779. If the level of 0.7779 is broken, a deep correction will follow. The target is set at 0.7821, which is also the key support level.
The main trend is the downward trend from May 10.
Trading recommendations:
Buy: 0.7754 Take profit: 0.7777
Buy: 0.7780 Take profit: 0.7820
Sell: 0.7708 Take profit: 0.7686
Sell: 0.7682 Take profit: 0.7644
The key levels for the EUR/JPY pair are 134.10, 133.63, 133.40. 133.04, 132.48. 132.27, 131.98 and 131.61. The price has been moving in an upward trend since May 5. We expect this growth to resume after breaking through the level of 133.04. The target is 133.40. After that, a short-term growth and consolidation can be expected in the range of 133.40 - 133.63. The ultimate potential upward target is 134.10. After reaching it, a downward pullback may occur.
A short-term decline, in turn, is expected in the 132.48 - 132.27 range. If the latter is broken, a deep correction will occur. The target is set at 131.98, which is also the key support level. The pierce breaking through it will favor the development of a downward trend. The first target is 131.61.
The main trend is the local upward trend from May 5.
Trading recommendations:
Buy: 133.04 Take profit: 133.40
Buy: 133.41 Take profit: 133.61
Sell: 132.48 Take profit: 132.30
Sell: 132.25 Take profit: 132.00
The key levels for the GBP/JPY pair are 156.01, 154.97, 154.51, 153.42, 152.96 and 152.16. The price has been following the development of the upward trend from April 23. Thus, we expect a short-term growth in the range of 154.51 - 154.97. The final potential upward target is 156.01, from which a downward pullback may follow.
A short-term decline can be expected in the range of 153.42 - 152.96. If the last value breaks down, a deep correction will occur. The target is set at 152.16.
The main trend is the upward trend from April 23.
Trading recommendations:
Buy: 154.51 Take profit: 154.96
Buy: 155.00 Take profit: 156.00
Sell: 153.40 Take profit: 152.96
Sell: 152.94 Take profit: 152.20
