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12.05.202111:40 Forex Analysis & Reviews: Fractal analysis of major currency pairs on May 12, 2021

Outlook on May 12:

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

Exchange Rates 12.05.2021 analysis

The key levels for the EUR/USD pair are 1.2293, 1.2267, 1.2249, 1.2211, 1.2193, 1.2138, 1.2119 and 1.2092. The price has been moving in a bullish trend since May 5. Thus, we expect a short-term growth in the range of 1.2193 - 1.2211. If the last value breaks down, strong growth will continue to the next target of 1.2249. After that, a short-term growth and consolidation can be expected in the 1.2249 - 1.2267 range. The final potential upward target is 1.2293. After reaching this level, an upward pullback may occur.

In turn, the price can possibly consolidate in the range of 1.2138 - 1.2119. If the latter is broken, a deep correction will occur. The target is set at 1.2092, which is the key support level.

The main trend is the upward trend from May 5.

Trading recommendations:

Buy: 1.2193 Take profit: 1.2210

Buy: 1.2212 Take profit: 1.2249

Sell: 1.2138 Take profit: 1.2120

Sell: 1.2117 Take profit: 1.2092

Exchange Rates 12.05.2021 analysis

The key levels for the GBP/USD pair are 1.4267, 1.4225, 1.4200, 1.4161, 1.4140, 1.4098, 1.4069 and 1.4030. The price has been moving in a bullish trend since April 30. In this case, we expect a short-term growth in the range of 1.4140 - 1.4161. If the level of 1.4160 is broken, strong growth will resume to the potential target of 1.4200. This can be followed by a short-term growth and consolidation in the range of 1.4200 - 1.4225. The ultimate potential upward target is 1.4267. After reaching it, a downward pullback is possible.

A short-term decline is likely in the 1.4098 - 1.4069 range. If the last value breaks down, a deep correction will occur. The target is set at 1.4030, which is the key support level.

The main trend is the upward trend from April 30.

Trading recommendations:

Buy: 1.4161 Take profit: 1.4200

Buy: 1.4202 Take profit: 1.4224

Sell: 1.4098 Take profit: 1.4072

Sell: 1.4067 Take profit: 1.4033

Exchange Rates 12.05.2021 analysis

The key levels for the USD/CHF pair are 0.9070, 0.9049, 0.9020, 0.8999, 0.8987, 0.8970, 0.8941 and 0.8920. The price has been moving in a bearish trend since May 5. This trend is likely to continue if the level of 0.9020 is broken. The first target is set at 0.8999. The downward movement will further resume after breaking through the range of 0.8999 - 0.8987. The target is set at 0.8970 and the price may consolidate near it. If the level of 0.8968 is broken, strong decline will continue to the next target of 0.8941. The ultimate downward target is 0.8920. After reaching this level, an upward pullback can be expected.

Currently, the price is forming a potential for the May 10 high in the correction zone. We expect a short-term growth in the range of 0.9049 - 0.9070 and wait for the initial structure to be finalized up to the level of 0.9070.

The main trend is the downward trend from May 5, correction stage.

Trading recommendations:

Buy: Take profit:

Buy: 0.9052 Take profit: 0.9070

Sell: 0.9020 Take profit: 0.9000

Sell: 0.8987 Take profit: 0.8972

Exchange Rates 12.05.2021 analysis

The key levels for the USD/JPY pair are 110.80, 110.30, 110.08, 109.69, 109.34, 108.51, 108.30 and 107.87.The price has been moving in an upward trend since April 23. We expect this trend to extend after the level of 109.34 is broken. The first target is 109.69 and the price may consolidate near it. If the level of 109.70 breaks down, strong growth will continue to the next target of 110.08. This can be followed by a short-term growth in the range of 110.08 - 110.30. The ultimate potential upward target is 110.80, from which a downward pullback can be expected.

Meanwhile, a short-term decline is expected in the range of 108.51 - 108.30. If the last value is broken, the downward trend will develop. The potential target is set at 107.7.

The main trend is the upward trend from April 23.

Trading recommendations:

Buy: 109.34 Take profit: 109.67

Buy: 109.71 Take profit: 110.08

Sell: 108.50 Take profit: 108.32

Sell: 108.28 Take profit: 107.88

Exchange Rates 12.05.2021 analysis

The key levels for the USD/CAD pair are 1.2334, 1.2251, 1.2200, 1.2139, 1.2055, 1.2016 and 1.1953. The price has been moving in a bearish trend since April 21. In this context, we expect a short-term decline in the range of 1.2055 - 1.2016. The ultimate potential downward target is set at 1.1953. After reaching it, an upward pullback will occur.

On the other hand, a short-term growth can be expected in the 1.2139 - 1.2200 range. If the level of 1.2200 is broken, a deep correction will occur. The target is set at 1.2251, whose breakdown will encourage the formation of potential initial conditions for the top. In thi case, the target is 1.2334.

The main trend is the downward trend from April 21.

Trading recommendations:

Buy: 1.2140 Take profit: 1.2200

Buy: 1.2203 Take profit: 1.2250

Sell: 1.2055 Take profit: 1.2016

Sell: 1.2014 Take profit: 1.1955

Exchange Rates 12.05.2021 analysis

The key levels for the AUD/USD pair are 0.7974, 0.7949, 0.7931, 0.7893, 0.7874, 0.7846, 0.7791 and 0.7770. The price has been moving in a bullish trend since May 4. We expect this trend to continue after the level of 0.7846 is broken. The first target is set at 0.7874. The main development of this growth can be expected once the price breaks through the 0.7874 - 0.7893 range. The target is 0.7931. After that, a price consolidation may occur in the range of 0.7931 - 0.7949. The final potential upward target is 0.7974, from which a downward pullback is likely.

The range of 0.7791 - 0.7770 is the key support for the upside.

The main trend is the upward trend from May 4, correction stage.

Trading recommendations:

Buy: 0.7846 Take profit: 0.7874

Buy: 0.7895 Take profit: 0.7931

Sell: Take profit:

Sell: 0.7790 Take profit: 0.7770

Exchange Rates 12.05.2021 analysis

The key levels for the EUR/JPY pair are 133.63, 133.24, 133.04, 132.75, 132.48, 131.93 and 131.61. The price has been moving in a bullish trend since May 5. We expect this growth to resume after the level of 132.48 is broken. The target is 132.75 and the price may consolidate around it. If the specified target is broken, the movement may continue to the next level of 133.04. After that, the price may consolidate in the 133.04 - 133.24 range. The ultimate potential upward target is 133.63. After reaching it, a downward pullback is possible.

A short-term decline, in turn, can be expected in the range of 131.93 - 131.61, hence a key upward reversal may occur If the level of 131.61 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

Exchange Rates 12.05.2021 analysis

The key levels for the GBP/JPY pair are 156.01, 154.97, 154.51, 153.90, 153.42, 152.96 and 152.16. The price has been following the development of the bullish trend from April 23. We expect this trend to resume after the level of 153.90 is broken. The target is set at 154.51 and the price may consolidate 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 is likely in the range of 153.42 - 152.96. If the latter is broken, 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: 153.90 Take profit: 154.50

Buy: 155.00 Take profit: 156.00

Sell: 153.40 Take profit: 152.96

Sell: 152.94 Take profit: 152.20

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Daichi Takahashi,
الخبير التحليلي لدى شركة إنستافوركس
© 2007-2021
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