FX.co ★ Fractal analysis of major currency pairs on May 14, 2021

Outlook on May 14:

Analysis of popular currency pairs on the hourly (H1) chart:

The key levels for the EUR/USD pair are 1.2211, 1.2183, 1.2138, 1.2061, 1.2033 and 1.1987. The price has been moving in an upward trend since May 5. We expect this trend to extend after the level of 1.2138 is broken. The first target is set at 1.2183. The final potential upward target is 1.221. The formation of local initial conditions is expected up to this level.

A short-term decline, in turn, is likely in the range of 1.2061 - 1.2033, from which a key upward reversal is expected. If the last value breaks down, the downward trend will develop. The target is 1.1987.

The main trend is the upward trend from May 5.

Trading recommendations:

Buy: 1.2138 Take profit: 1.2181

Buy: 1.2184 Take profit: 1.2210

Sell: 1.2060 Take profit: 1.2035

Sell: 1.2030 Take profit: 1.1990

The key levels for the GBP/USD pair are 1.4267, 1.4225, 1.4200, 1.4164, 1.4140, 1.4098, 1.4030, 1.4003, 1.3958 and 1.3921. The price has been moving in an upward trend since April 30, but it is currently in a correction stage, forming a downward potential from May 11. We expect growth to resume after the level of 1.4098 is broken. The first target is 1.4140. After that, a short-term growth may occur in the range of 1.4140 - 1.4161. If the last value breaks down, strong growth will continue to the potential target of 1.4200. Another short-term upward movement and consolidation may follow in the range of 1.4200 - 1.4225 The final potential upward target is 1.4267. After reaching it, a downward pullback can be expected.

A short-term decline is possible in the range of 1.4030 - 1.4003. If the latter is broken, strong decline will resume to the target of 1.3958. The ultimate potential downward target can be considered at 1.3921. An upward pullback is possible after reaching this level.

The main trend is the upward trend from April 30, correction stage.

Trading recommendations:

Buy: 1.4098 Take profit: 1.4140

Buy: 1.4165 Take profit: 1.4200

Sell: 1.4030 Take profit: 1.4004

Sell: 1.4001 Take profit: 1.3960

The key levels for the USD/CHF pair are 0.9093, 0.9066, 0.9050, 0.9039, 0.9023, 0.9010, 0.8989 and 0.8980. The upward trend from May 10 is currently being monitored. The price is currently in a deep correction and is forming a potential for a downward trend from May 12. Now, we expect a short-term decline in the 0.9023 - 0.9010 range. If the latter breaks down, strong decline will continue towards the next target of 0.8989. After that, the price may consolidate in the range of 0.8989 - 0.8980.

A short-term growth is expected in the 0.9039 - 0.9050 range. If the level of 0.9050 is broken, a deep correction can be expected. The target is set at 0.9066, which is also the key support level.

The main trend is the upward trend from May 10, deep correction stage.

Trading recommendations:

Buy: 0.9039 Take profit: 0.9050

Buy: 0.9051 Take profit: 0.9066

Sell: 0.9022 Take profit: 0.9011

Sell: 0.9008 Take profit: 0.8989

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 it recently formed a local upward trend from May 11. We expect the upward movement to continue after breaking through the level of 109.79. The target is set at 110.02. After that, the price may consolidate in the 110.02 - 110.19 range. If the level of 110.20 breaks down, strong growth will extend to the next target of 110.51. The ultimate potential upward target is set at 110.67. After reaching this level, a downward pullback can be expected.

Meanwhile, a short-term decline is possible in the range of 109.41 - 109.23. If the latter is broken, 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 and local trend from May 11.

Trading recommendations:

Buy: 109.80 Take profit: 110.02

Buy: 110.20 Take profit: 110.50

Sell: 109.40 Take profit: 109.24

Sell: 109.21 Take profit: 108.97

The key levels for the USD/CAD pair are1.2416, 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. Thus, we expect a short-term growth in the 1.2200 - 1.2238 range. 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.

A short-term decline, on the other hand, is likely in the range of 1.2124 - 1.2086, thus, a key upward reversal is expected. If the last value breaks down, it will encourage the development of a downward trend. 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 0.7753 - 0.7779 range. If the last value 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 133.63, 133.24, 133.04, 132.75, 132.48, 131.93 and 131.61. he price has been moving in a bullish trend since May 5. We expect this trend to resume after the level of 132.48 is broken. The target is set at 132.75 and the price may consolidate around it. If this target is broken, the movement may continue to the next level of 133.04. Afterwards, the price may consolidate in the range of 133.04 - 133.24. The ultimate potential upward target is 133.63. After reaching it, a downward pullback can be expected.

Meanwhile, a short-term decline is possible in the range of 131.93 - 131.61, hence a key upward reversal may occur. If the last value is broken, the downward trend may develop. The potential target is 130.96.

The main trend is the local upward trend from May 5.

Trading recommendations:

Buy: 132.48 Take profit: 132.73

Buy: 132.76 Take profit: 133.04

Sell: 132.90 Take profit: 131.65

Sell: 131.58 Take profit: 131.35

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. Here, we expect a short-term growth in the 154.51 - 154.97 range. The final potential upward target is 156.01, from which a downward pullback is likely.

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