Forecast for May 18:
Analytical overview of currency pairs on the H1 scale:
The key levels for the EUR/USD pair are 1.2306, 1.2290, 1.2256, 1.2239, 1.2215, 1.2190, 1.2171 and 1.2140. The price has been moving in an upward trend since May 13. We expect growth to continue after the level of 1.2215 is broken. The target is set at 1.2239 and the price may consolidate in the range of 1.2239 - 1.2256. If the latter is broken, this should be accompanied by a strong increase to the potential target of 1.2306. After reaching this level, the price may consolidate and pull back downwards.
In turn, a short-term decline is possible in the 1.2190 - 1.2171 range. If the level of 1.2171 breaks down, a deep correction will occur. The target is 1.2140, which is also the key support level.
The main trend is the local upward trend from May 13.
Trading recommendations:
Buy: 1.2215 Take profit: 1.2239
Buy: 1.2257 Take profit: 1.2290
Sell: 1.2190 Take profit: 1.2172
Sell: 1.2169 Take profit: 1.2142
The key levels for the GBP/USD pair are 1.4343, 1.4323, 1.4275, 1.4252, 1.4221, 1.4174, 1.4149 and 1.4109. The price has been moving in a bullish trend since May 13. We expect this trend to extend after the level of 1.4221 is broken. The target is set at 1.4252, and the price may consolidate in the range of 1.4252 - 1.4275. If the last value breaks down, it should be accompanied by a strong decline to the potential target of 1.4343. After reaching it, a price consolidation and downward pullback can be expected.
A short-term decline is likely in the range of 1.4174 - 1.4149. If the latter is broken, a deep correction will occur. The target is set at 1.4109, which is also the key support level.
The main trend is the local upward trend from May 13.
Trading recommendations:
Buy: 1.4221 Take profit: 1.4252
Buy: 1.4276 Take profit: 1.4323
Sell: 1.4174 Take profit: 1.4150
Sell: 1.4147 Take profit: 1.4110
The key levels for the USD/CHF pair are 0.9031, 0.9010, 0.8993, 0.8966, 0.8942, 0.8918 and 0.8902. The price has been moving in a downward trend since May 12. We expect this trend to continue after the level of 0.8966 is broken. The target is set at 0.8942 and the price may consolidate around it. If this target breaks down, strong downward movement will continue until the target of 0.8918. The ultimate potential downward target is 0.8902. After reaching it, an upward pullback may occur.
Meanwhile, a short-term growth is expected in the range of 0.8993 - 0.9010. If the last value breaks down, a deep correction will follow. The target is set at 0.9031, which is the key support level.
The main trend is the downward trend from May 12.
Trading recommendations:
Buy: 0.8993 Take profit: 0.9010
Buy: 0.9012 Take profit: 0.9030
Sell: 0.8966 Take profit: 0.8944
Sell: 0.8940 Take profit: 0.8920
The key levels for the USD/JPY pair are 110.32, 110.02, 109.79, 109.47, 108.95, 108.78 and 108.45. The price is in a deep correction from the upward trend on May 11. The key support is the range of 108.95 - 108.78. The price breaking through it will encourage the development of a downward trend. Here, the first potential target is 108.45. In turn, the continuation of growth is possible after the level of 109.47 is broken. The target is set at 109.79. After that, a short-term growth and consolidation can be expected in the 109.79 - 110.02 range. The final potential upward target is the level of 110.32.
The main trend is the upward trend from May 11, deep correction stage.
Trading recommendations:
Buy: 109.48 Take profit: 109.77
Buy: 109.81 Take profit: 110.00
Sell: 108.76 Take profit: 108.47
Sell: Take profit:
The key levels for the USD/CAD pair are 1.2124, 1.2081, 1.2053, 1.2005, 1.1951, 1.1911 and 1.1883. The price has been moving in a bearish trend since May 13. We expect this trend to extend after the level of 1.2005 is broken. The target is set at 1.1951. The ultimate potential downward target is 1.1883. After reaching it, the price may consolidate in the range of 1.1911 - 1.1883 and pullback upwards.
On the other hand, a short-term growth is expected in the range of 1.2053 - 1.2081. If the latter breaks down, a deep correction will occur. The target is set at 1.2124, which is the key support level.
The main trend is the downward trend from May 13.
Trading recommendations:
Buy: 1.2053 Take profit: 1.2080
Buy: 1.2082 Take profit: 1.2122
Sell: 1.2005 Take profit: 1.1953
Sell: 1.1949 Take profit: 1.1911
The key levels for the AUD/USD pair are 0.7950, 0.7928, 0.7896, 0.7865, 0.7828, 0.7779, 0.7753 and 0.7726. The price has been moving in a bullish trend since May 13. We expect the upward movement to continue after the level of 0.7828 is broken. The target is set at 0.7865. After that, a short-term growth and consolidation may occur in the 0.7865 - 0.7896 range. If the last value breaks down, the movement will continue to the potential target of 0.7959. The price may consolidate closer to it, that is, in the range of 0.7928 - 0.7950, and then pullback downwards.
A short-term decline is expected in the range of 0.7779 - 0.7753. If the level of 0.7753 breaks down, a deep correction will occur. The target is set at 0.7726, which is the key support level.
The main trend is the upward trend from May 13.
Trading recommendations:
Buy: 0.7828 Take profit: 0.7864
Buy: 0.7866 Take profit: 0.7896
Sell: 0.7779 Take profit: 0.7755
Sell: 0.7751 Take profit: 0.7726
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 continue after breaking through the level of 133.04. The target is set at 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.
Alternatively, a short-term decline can be expected in the range of 132.48 - 132.27. 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 153.42 - 152.96 range. 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
