FX.co ★ Fractal analysis of major currency pairs on May 10, 2021

Outlook on May 10:

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

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 an upward trend since May 5. Here, we expect a short-term growth in the 1.2193 - 1.2211 range. If the latter is broken, strong growth will continue to the next target of 1.2249. After that, a short-term growth and consolidation can be expected in the range of 1.2249 - 1.2267. The final potential upward target is 1.2293. After reaching this level, an upward pullback can be noted.

A short-term downward trend, in turn, is possible in the 1.2138 - 1.2119 range. If the last value is broken, a deep correction will follow. 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

The key levels for the GBP/USD pair are 1.4200, 1.4140. 1.4112, 1.4034, 1.4008 and 1.3978. The price has been moving in a bullish trend since April 30. Thus, a short-term growth is expected in the range of 1.4112 - 1.4140. If the last value is broken, strong growth will continue to the potential target of 1.4200, from which a downward pullback may occur.

A short-term decline is likely in the range of 1.4034 - 1.4008. If the level of 1.4008 is broken, a deep correction will occur. The target is set at 1.3978, which is the key support level.

The main trend is the upward trend from April 30.

Trading recommendations:

Buy: 1.4112 Take profit: 1.4140

Buy: 1.4142 Take profit: 1.4200

Sell: 1.4034 Take profit: 1.4012

Sell: 1.4007 Take profit: 1.3980

The key levels for the USD/CHF pair are 0.9070, 0.9049, 0.9035, 0.8999, 0.8987, 0.8970, 0.8941 and 0.8920. The price has been following the development of the downward trend from May 5. We expect further decline after the price breaks through the noise range of 0.8999 - 0.8987. The target is set at 0.8970 and the price may consolidate around 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.

On the other hand, a short-term growth is expected in the 0.9035 - 0.9049 range. If the latter is broken, a deep correction will follow. The target is set at 0.9070, which is the key support level.

The main trend is the downward trend from May 5.

Trading recommendations:

Buy: 0.9035 Take profit: 0.9047

Buy: 0.9052 Take profit: 0.9070

Sell: 0.8987 Take profit: 0.8972

Sell: 0.8968 Take profit: 0.8942

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 around this level. If the level of 109.70 breaks down, strong growth will continue to the next target of 110.08. A short-term upward movement may follow in the range of 110.08 - 110.30. The final potential upward target is 110.80, from which a downward pullback can be expected.

Meanwhile, a short-term decline is expected in the 108.51 - 108.30 range. If the latter 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

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 downward trend since April 21. Thus, we expect a short-term decline in the range of 1.2055 - 1.2016. The ultimate potential downward target is 1.1953. After reaching it, an upward pullback can be expected.

Alternatively, a short-term growth is 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. The breakdown of this value will encourage the formation of potential initial upward conditions. 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

The key levels for the AUD/USD pair are 0.7974, 0.7949, 0.7931, 0.7893, 0.7874, 0.7846, 0.7823 and 0.7791. The price has been moving in a bullish trend since May 4. We expect this trend to continue after the price breaks through the 0.7874 - 0.7893 range. The target is set at 0.7931. Afterwards, the price may consolidate in the 0.7931 - 0.7949 range. The final potential upward target is 0.7974, from which a downward pullback is expected.

A short-term decline is expected in the range of 0.7846 - 0.7823. If the last value is broken, a deep movement may follow. The target is set at 0.7791, which is the key support level.

The main trend is the upward trend from May 4.

Trading recommendations:

Buy: 0.7894 Take profit: 0.7930

Buy: 0.7950 Take profit: 0.7974

Sell: 0.7846 Take profit: 0.7824

Sell: 0.7821 Take profit: 0.7791

The key levels for the EUR/JPY pair are: 133.63, 133.24, 133.04, 132.75, 132.48, 132.14, 131.93 and 131.61. The price has been moving in an upward trend since May 5. We expect growth to resume after the level of 132.48 is broken. The target is set at 132.75 and the price may consolidate near this level. If the target is broken, the movement will continue to the next level of 133.04. The price may consolidate in the range of 133.04 - 133.24. The ultimate potential upward target is 133.63. After reaching this level, a downward pullback can be expected.

In turn, a short-term decline is possible in the range of 132.14 - 131.93. If the last value is broken, a deep correction will occur. The target is 131.61, which is the key support level.

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: 132.14 Take profit: 131.95

Sell: 131.91 Take profit: 131.65

The key levels for the GBP/JPY pair are 154.97, 154.51, 153.78, 153.42, 152.70, 152.16 and 151.57. The price has been moving in an upward trend since April 23. We expect the upward movement to resume after the price breaks through the noise range of 153.42 - 153.78. The target is 154.41. The ultimate potential upward target is 154.97. After reaching this level, a downward pullback may follow.

A short-term decline is likely in the 152.70 - 152.16 range. If the level of 152.16 is broken, a deep correction will occur. The target is set at 151.57.

The main trend is the upward trend from April 23.

Trading recommendations:

Buy: 153.80 Take profit: 154.50

Buy: 154.52 Take profit: 154.96

Sell: 152.70 Take profit: 152.18

Sell: 152.14 Take profit: 151.60