Forecast for May 23:
Analytical review of H1-scale currency pairs:
For the euro / dollar pair, the key levels on the H1 scale are: 1.1222, 1.1212, 1.1197, 1.1184, 1.1156, 1.1144 and 1.1112. Here, we continue to follow the development of the downward structure of May 13. Short-term downward movement is expected in the range between levels 1.1156 - 1.1144. The breakdown of the last value should be accompanied by a pronounced downward movement. In this case, the potential target is 1.1112. We expect a rollback to the top from this level.
Short-term ascending movement is possible in the range between levels 1.1184 - 1.1197. Breaking the last value will lead to a prolonged correction. Here, the goal is 1.1212. The range 1.1212 - 1.1222 is a key support for the downward movement. We expect the initial conditions for the ascending cycle to reach it.
The main trend is the downward structure of May 13.
Trading recommendations:
Buy 1.1184 Take profit: 1.1195
Buy 1.1198 Take profit: 1.1210
Sell: 1.1156 Take profit: 1.1145
Sell: 1.1142 Take profit: 1.1116
For the pound / dollar pair, the key levels on the H1 scale are: 1.2811, 1.2737, 1.2693, 1.2612, 1.2553, 1.2478 and 1.2428. Here, the next targets for the downward movement is determined from the local structure on May 21. Continuation of the movement to the bottom is expected after the breakdown at level 1.2612. Here, the target is -1.2553. The breakdown of which must be accompanied by a pronounced downward movement. In this case, the target is 1.2478. We consider the level of 1.2428 to be a potential value for the bottom. Upon reaching this level, we expect consolidation in the corridor 1.2478 - 1.2428, as well as a departure to the correction.
Short-term upward movement is possible in the corridor 1.2693 - 1.2737. The breakdown of the latter value will have to form an upward movement. Here, the target is 1.2811.
The main trend is a local downward structure of May 21.
Trading recommendations:
Buy: 1.2693 Take profit: 1.2735
Buy: 1.2738 Take profit: 1.2810
Sell: 1.2612 Take profit: 1.2555
Sell: 1.2550 Take profit: 1.2478
For the dollar / franc pair, the key levels on the H1 scale are: 1.0160, 1.0142, 1.0131, 1.0113, 1.0084, 1.0072 and 1.0048. Here, the price has entered an equilibrium state. Continuation of the movement to the top is expected after the breakdown at level 1.0113. In this case, the target is 1.0131 in the corridor 1.0131 - 1.0142 where a short-term upward movement is expected, as well as consolidation. The potential value for the top is considered to the level of 1.0160. After reaching which, we expect a rollback to the bottom.
Short-term downward movement is possible in the corridor 1.0084 - 1.0072. The breakdown of the latter value will is necessary for the development of the downward structure. Here, the potential target is 1.0048, and up to this leve,l we expect the initial conditions for the downward cycle.
The main trend is the equilibrium state.
Trading recommendations:
Buy : 1.0113 Take profit: 1.0130
Buy : 1.0142 Take profit: 1.0160
Sell: 1.0084 Take profit: 1.0073
Sell: 1.0070 Take profit: 1.0050
For the dollar / yen pair, the key levels on the scale are : 111.59, 111.31, 110.98, 110.81, 110.51, 109.96, 109.73 and 109.47. Here, we are following the development of the ascending cycle of May 13. Continuation of the movement to the top is expected after the breakdown of 110.51. In this case, the first target is 110.81. Short-term upward movement is possible in the corridor 110.81 - 110.98. The breakdown of the last value should be accompanied by a pronounced upward movement. Here, the goal is 111.31. A potential value for the top is considered at the level of 111.59. After reaching which, we expect a rollback to the bottom.
The range of 109.96 - 109.73 is a key support for the upward movement. Its price passage will have to build up the potential for the downward cycle. In this case, the goal is 109.47.
The main trend: the rising structure of May 13.
Trading recommendations:
Buy: 110.51 Take profit: 110.80
Buy: 111.00 Take profit: 111.30
Sell: 109.94 Take profit: 109.75
Sell: 109.70 Take profit: 109.48
For the Canadian dollar / US dollar pair, the key levels on the H1 scale are: 1.3541, 1.3516, 1.3482, 1.3468, 1.3452, 1.3425, 1.3409 and 1.3389. Here, we are following the formation of the potential value to the top on May 22. The breakdown at the level of 1.3452 will lead to the formation of a pronounced structure Here, the goal is 1.3468. The price passage of the noise range 1.3468 - 1.3482 must be accompanied by a pronounced upward movement. Here, the target is 1.3516. Potential value to the top is considered at the level of 1.3541. After reaching which, we expect a rollback to the bottom.
Short-term downward movement is possible in the corridor 1.3425 - 1.3409. The breakdown of the latter value will lead to a prolonged correction. Here, the target is 1.3389. This level is a key support to the top.
The main trend is the formation of the potential for upward movement of May 22.
Trading recommendations:
Buy: 1.3452 Take profit: 1.3468
Buy : 1.3484 Take profit: 1.3516
Sell: 1.3425 Take profit: 1.3410
Sell: 1.3407 Take profit: 1.3392
For the pair Australian dollar / US dollar pair, the key levels on the H1 scale are : 0.6932, 0.6917, 0.6901, 0.6891, 0.6861, 0.6848, 0.6838, 0.6813 and 0.6795. Here, we follow the formation of local initial conditions for the downward movement of May 20. Continuation of the movement to the bottom is expected after the breakdown of 0.6861. Here, the target is 0.6848. Consolidation is near this level. Passing through the noise range 0.6848 - 0.6838 will lead to the development of a pronounced movement. In this case, the target is 0.6813. Potential value for the bottom is considered at the level of 0.6795. After reaching which, we expect a rollback to the top.
Short-term upward movement, perhaps is in the range of 0.6891 - 0.6901. The breakdown of the latter value will lead to a prolonged movement. Here, the goal is 0.6917. This level is a key support for the downward structure.
The main trend is the formation of a local descending structure of May 20.
Trading recommendations:
Buy: 0.6891 Take profit: 0.6900
Buy: 0.6903 Take profit: 0.6916
Sell : 0.6860 Take profit : 0.6848
Sell: 0.6838 Take profit: 0.6815
For the euro / yen pair, the key levels on the H1 scale are: 124.43, 124.24, 123.91, 123.67, 123.40, 123.00, 122.68 and 122.34. Here, the price is close to the abolition of the ascending structure of May 15, which requires a breakdown of the level of 122.68. In this case, we expect the formation of the initial conditions for the downward cycle. The potential target is 122.34.
Resumption of the upward trend is expected at level 123.40 after the breakdown. Here, the first potential target is 123.67, in the corridor 123.67 - 123.91. Short-term upward movement is expected as well as consolidation. The breakdown of the level of 123.91 should be accompanied by a pronounced upward movement to the level of 124.24. The potential value to the top is considered at level 124.43. After reaching which, we expect a rollback to the bottom.
The main trend is the ascending structure of May 15, the stage of deep correction.
Trading recommendations:
Buy: 123.40 Take profit: 123.65
Buy: 123.68 Take profit: 123.90
Sell: 122.65 Take profit: 122.34
For the pound / yen pair, the key levels on the H1 scale are : 140.74, 140.22, 139.90, 139.14, 138.70, 138.36 and 137.49. Here, after the abolition of the ascending structure, we are following the local downward structure of May 21. Continuation of the movement to the bottom is expected after the breakdown of 139.14. In this case, the first goal - 138.70. Consolidation is in the corridor 138.70 - 138.36. For the potential value at the bottom, we consider the level of 137.50. The movement to which is expected after the breakdown of 138.34.
Short-term upward movement is possible in the corridor 139.90 - 140.22. The breakdown of the latter value will lead to a prolonged correction. Here, the goal is 140.74. This level is a key support for the downward structure.
The main trend is a local downward structure of May 21.
Trading recommendations:
Buy: 139.90 Take profit: 140.20
Buy: 140.24 Take profit: 140.72
Sell: 139.14 Take profit: 138.70
Sell: 138.34 Take profit: 137.55
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