FX.co ★ Fractal analysis of major currency pairs as of May 2

Dear colleagues.

For the EUR / USD pair, we expect the price to move into the correction area. The potential for the downward movement is at the level of 1.1888. For the GBP / USD pair, we expect a correction in the aftermath of the breakdown of 1.3684. For the USD / CHF pair, the price is near the limit values for the upward structure of April 10 so we expect a pullback towards correction. For the USD / JPY pair, we expect a correction to take place after the breakdown of 109.45. For the EUR / JPY pair, we are watching the formation of a downward structure from April 24. For the GBP / JPY pair, we have expanded the potential for downward movement towards the level of 146.88.

The forecast for May 2:

Analytical review of currency pairs in the scale of H1:

For the EUR / USD pair, the key levels on the scale of H1 are: 1.2145, 1.2105, 1.2050, 1.2013, 1.1949 and 1.1888. Here, we follow the downward structure of April 17. The continuation of the movement downwards is expected after the breakdown of 1.1949. In this case, the potential target is 1.1888. Upon reaching this level, we expect a rollback to the top.

Short-term upward movement is possible in the area of 1.2013 - 1.2050. The breakdown of the last value will lead to a deeper movement. Here, the target is 1.2105. The potential value for the top is the level of 1.2145. Up to this level, we expect the initial conditions for the upward cycle to be formalized.

The main trend is the downward cycle from April 17.

Trading recommendations:

Buy: 1.2013 Take profit: 1.2048

Buy 1.2052 Take profit: 1.2105

Sell: 1.1947 Take profit: 1.1890

Sell: Take profit:

For the GBP / USD pair, the key levels on the scale of H1 are 1.3847, 1.3752, 1.3684, 1.3614, 1.3614 and 1.3482. Here, we expect a movement towards correction. The level of 1.3482 is the potential value for the downward trend. However, we regard the movement toward this goal as unstable.

Short-term upward movement is possible in the area of 1.3684 - 1.3752. The breakdown of the last value will lead to an in-depth movement. Here, the target is 1.3847. The potential value for the top is the level of 1.3898. Up to this level, we expect the initial conditions for the subsequent development of the upward trend.

The main trend is a downward structure from April 17. We expect a correction.

Trading recommendations:

Buy: 1.3684 Take profit: 1.3750

Buy: 1.3755 Take profit: 1.3845

Sell: Take profit:

Sell: Take profit:

For the USD / CHF pair, the key levels on the scale of H1 are: 1.0025, 0.9976, 0.9939, 0.9910, 0.9874 and 0.9854. Here, we follow the upward structure from April 10 and currently, we expect a correction. The potential value for the top is the level of 1.0025. The movement towards this level is expected after the breakdown of 0.9976.

Short-term downward movement is possible in the area of 0.9939 - 0.9910. The breakdown of the last value will lead to in-depth correction. Here, the target is 0.9874. The range of 0.9874 - 0.9854 is noise.

The main trend is the upward structure from April 10. We expect a correction.

Trading recommendations:

Buy: 0.9978 Take profit: 1.0025

Buy: Take profit:

Sell: 0.9939 Take profit: 0.9912

Sell: 0.9908 Take profit: 0.9876

For the USD / JPY pair, the key levels on a scale are: 109.96, 109.48, 109.13, 108.94, 108.61, 108.45 and 108.16. Here, the potential for the top is still limited by the level of 109.96. Movement towards correction is expected after the breakdown of 109.48. In this case, the target is 109.13. In the area of 109.13 - 108.94 is the consolidation of the price. The potential value for the bottom is the level of 108.61. Up to this level, we expect the initial conditions for the downward cycle to be formalized.

The main trend is a local upward cycle from April 11. We expect a correction.

Trading recommendations:

Buy: Take profit:

Buy: Take profit:

Sell: 109.46 Take profit: 109.15

Sell: 108.92 Take profit: 108.64

For the CAD / USD pair, the key levels on the H1 scale are: 1.2982, 1.2930, 1.2909, 1.2871, 1.2819, 1.2790, 1.2745 and 1.2708. Here, we follow the upward structure of April 17. The continuation of the upward movement is expected after the breakdown of 1.2871. In this case, the target is 1.2909. In the area of 1.2909 - 1.2930 is the consolidation of the price. The potential value for the top is the level of 1.2982. Upon reaching this level, we expect a pullback downwards.

Short-term downward movement is possible in the area of 1.2819 - 1.2790. The breakdown of the last value will lead to in-depth correction. Here, the target is 1.2745. This level is the key support for the top of April 17. Its breakdown will lead to the formation of the initial conditions for the downward cycle. In this case, the target of 1.2708.

The main trend is the upward structure of April 17.

Trading recommendations:

Buy: 1.2871 Take profit: 1.2907

Buy: 1.2932 Take profit: 1.2980

Sell: 1.2817 Take profit: 1.2792

Sell: 1.2788 Take profit: 1.2747

For the AUD / USD pair, the key levels on the scale of H1 are: 0.7590, 0.7544, 0.7520, 0.7474 and 0.7436. Here, we follow the downward structure of April 19. The continuation of the downward movement is expected after the breakdown of the level of 0.7474. In this case, the target is 0.7436. From this level, we expect a rollback to correction.

Short-term upward movement is possible in the area of 0.7520 - 0.7544. The breakdown of the last value will lead to in-depth correction. Here, the target is 0.7590. This level is the key support for the downward cycle.

The main trend is the downward structure of April 19.

Trading recommendations:

Buy: 0.7520 Take profit: 0.7544

Buy: 0.7546 Take profit: 0.7588

Sell: 0.7474 Take profit: 0.7438

Sell: Take profit:

For the EUR / JPY pair, the key levels on the scale of H1 are: 132.70, 132.25, 131.92, 131.46, 131.23, 130.62 and 130.21. Here, we follow the downward structure of April 24. The continuation of the downward movement is expected after passing the price of the noise range at 131.46 - 131.23. In this case, the target is 130.62. The potential value for the bottom is the level of 130.21. Upon reaching this level, we expect a rollback to the top.

Short-term upward movement is possible in the area of 131.92 - 132.25. The breakdown of the last value will lead to in-depth correction. Here, the target is 132.70. This level is the key support for the downward structure.

The main trend is the downward structure of April 24.

Trading recommendations:

Buy: 131.92 Take profit: 132.20

Buy: 132.30 Take profit: 132.70

Sell: 131.20 Take profit: 131.70

Sell: Take profit:

For the GBP / JPY pair, the key levels on the scale of H1 are: 151.15, 150.76, 150.06, 149.62, 149.18, 148.67, 147.63 and 146.88. Here, we follow the local top-down structure of April 26. Short-term downward movement is expected in the area of 149.18 - 148.67. The breakdown of the last value should be accompanied by a pronounced movement towards the level of 147.63. Near this level is the consolidation of the price. The potential value for the bottom is the level of 146.88. Upon reaching this level, we expect a rollback upward.

Short-term upward movement is possible in the area of 149.62 - 150.06. The breakdown of the last value will lead to in-depth correction. Here, the target is 150.76. The level of 151.15 is the key support for the bottom. Before reaching it, we expect the initial conditions for the top.

The main trend is the local downward structure of April 26.

Trading recommendations:

Buy: 149.62 Take profit: 150.02

Buy: 150.12 Take profit: 150.70

Sell: 149.14 Take profit: 148.70

Sell: 148.60 Take profit: 147.70