FX.co ★ Fractal analysis of major currency pairs on May 13, 2021

Outlook on May 13:

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 1.2061 - 1.2033 range, from which a key upward reversal is expected. If the latter 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 a bullish trend since April 30, but it is currently in a correction and forms a downward potential from May 11. We expect growth to continue after the level of 1.4098 is broken. The first target is 1.4140. After that, a short-term upward growth may occur in the 1.4140 - 1.4161 range. If the latter 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 1.4030 - 1.4003 range. If the level of 1.4003 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 0.9172, 0.9157, 0.9134, 0.9112, 0.9100, 0.9073, 0.9058 and 0.9039. The price has been moving in an upward trend since May 10. We expect this trend to resume after the price breaks through the range of 0.9100 - 0.9112. The target is 0.9134 and the price may consolidate around it. In case of breakdown of the target, strong growth will continue to the next target of 0.9157. The final potential upward target is 0.9172, from which a downward pullback is expected.

On the other hand, a short-term decline can be expected in the 0.9073 - 0.9058 range. If the last value is broken, a deep correction will occur. The target is 0.9039, which is also the key support level.

The main trend is the upward trend from May 10.

Trading recommendations:

Buy: 0.9112 Take profit: 0.9132

Buy: 0.9136 Take profit: 0.9156

Sell: 0.9070 Take profit: 0.9058

Sell: 0.9056 Take profit: 0.9040

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 an upward trend since April 23 and it recently formed a local upward trend from May 11. We expect growth to resume after breaking through the level of 109.79. The target is set at 110.02. After that, the price may consolidate in the range of 110.02 - 110.19. If the level of 110.20 breaks down, strong growth will extend to the next target of 110.51. The final potential upward target is set at 110.67. After reaching this level, a downward pullback can be expected.

Meanwhile, a short-term decline can be expected in the 109.41 - 109.23 range. 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 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. Thus, 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.

Alternatively, a short-term growth can be expected in the range of 1.2139 - 1.2200. If the last value 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

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 0.7708 - 0.7684 range. 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 range of 0.7753 - 0.7779. If the level of 0.7779 is broken, a deep correction will occur. 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. The price has been moving in an upward trend since May 5. We expect this trend to extend after the level of 132.48 is broken. The target is set at 132.75 and the price may consolidate near 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 is likely.

In turn, a short-term decline can be expected 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. We expect growth to continue after the level of 153.90 is broken. The final potential upward target is 156.01, from which a downward pullback can be expected.

A short-term decline is possible 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