FX.co ★ Fractal analysis of major currency pairs on May 28, 2021

Outlook on May 28:

Analytical overview of popular currency pairs on the H1 TF:

The key levels for the EUR/USD pair are 1.2290, 1.2266, 1.2234, 1.2182, 1.2161, 1.2132 and 1.2118. The price is in deep correction from the upward trend and is forming a downward potential from May 25. Now, we expect a short-term decline in the range of 1.2182 - 1.2161. If the latter breaks down, a strong decline will continue to the target of 1.2132. The final potential downward target is 1.2118. After reaching it, the price may consolidate and pullback upwards.

A short-term growth, in turn, is likely in the range of 1.2214 - 1.2234. If the last value breaks down, it will favor the development of an upward trend. The breakdown of the first target of 1.2266 will allow us to move to the next level of 1.2290. The upward potential here is the level of 1.2314.

The main trend is the local upward trend from May 13, deep correction stage.

Trading recommendations:

Buy: 1.2214 Take profit: 1.2233

Buy: 1.2235 Take profit: 1.2264

Sell: 1.2180 Take profit: 1.2161

Sell: 1.2159 Take profit: 1.2134

The key levels for the GBP/USD pair are 1.4343, 1.4323, 1.4275, 1.4252, 1.4221, 1.4169, 1.4144, 1.4109 and 1.4085. The development of the upward trend from May 13 and the local upward trend from May 27 is being followed. We expect the upward movement to resume after the level of 1.4221 is broken. The target is set at 1.4252. The price may consolidate in the range of 1.4252 - 1.4275. If the last value breaks down, the strong decline should continue towards the potential target of 1.4343. After reaching it, the price may consolidate and pull back downwards.

A short-term decline is possible in the 1.4169 - 1.4144 range. If the level of 1.4144 breaks down, this will encourage the development of a downward trend. The first potential target is 1.4109. The noise range is set at 1.4109 - 1.4085.

The main trend is the local upward trend from May 27.

Trading recommendations:

Buy: 1.4221 Take profit: 1.4252

Buy: 1.4276 Take profit: 1.4323

Sell: 1.4169 Take profit: 1.4145

Sell: 1.4142 Take profit: 1.4110

The key levels for the USD/CHF pair are 0.9020, 0.8993, 0.8976, 0.8956, 0.8942, 0.8919 and 0.8903. The downward trend from May 12 is considered as the main trend, but the price forms an upward potential from May 25 in the correction stage. Now, we expect a short-term decline in the range 0.8956 - 0.8942. If the latter breaks down, the strong decline will continue to the next target of 0.8919. The ultimate potential downward target is 0.8903. After reaching this level, a price consolidation and upward pullback can be expected.

The price is expected to consolidate in the 0.8976 - 0.8993 range. If the last value breaks down, a deep correction will follow. The target is 0.9020, which is also the key support level. The breakdown of which will cancel the formation of initial conditions for the upward trend. The potential target is set at 0.9046.

The main trend is the downward trend from May 12, formation of the upward potential from May 25.

Trading recommendations:

Buy: 0.8995 Take profit: 0.9020

Buy: 0.9022 Take profit: 0.9042

Sell: 0.8956 Take profit: 0.8943

Sell: 0.8940 Take profit: 0.8920

The key levels for the USD/JPY pair are 110.56, 110.27. 110.13, 109.97, 109.76, 109.63, 109.47 and 109.39. The price has been moving in an upward trend since May 25. We expect this trend to extend after the level of 109.97 breaks down. The target is set at 110.13. After that, short-term growth and consolidation will occur in the range of 110.13 - 110.27. The ultimate potential upward target is 110.56, After reaching it, a downward pullback can be expected.

Meanwhile, a short-term decline is possible in the range of 109.76 - 109.63, from which an upward reversal can be expected. If the latter is broken, a deep correction may follow. The target is 109.47. The key support is the range of 109.47 - 109.39.

The main trend is the upward trend from May 25.

Trading recommendations:

Buy: 109.98 Take profit: 110.13

Buy: 110.15 Take profit: 110.26

Sell: 109.76 Take profit: 109.65

Sell: 109.61 Take profit: 109.48

The key levels for the USD/CAD pair are 1.2227, 1.2208, 1.2165, 1.2143, 1.2118, 1.2058 and 1.2027. The formation of an upward trend from May 25 is closely monitored. Currently, the price decides to abolish this trend, which requires the breakdown of the level of 1.2058. The first target is set at 1.2027.

In turn, the upward movement will continue if the level of 1.2118 breaks down. The first target is set at 1.2143. Short-term growth is expected in the range of 1.2143 - 1.2165. Once the latter is broken, the strong upward movement will continue to the next target of 1.2208. The final potential upward target is 1.2227. After reaching it, the price may pull back downwards.

The main trend is the formation of an upward trend from May 25, deep correction stage.

Trading recommendations:

Buy: 1.2118 Take profit: 1.2143

Buy: 1.2144 Take profit: 1.2164

Sell: 1.2058 Take profit: 1.2028

Sell: Take profit:

The key levels for the AUD/USD pair are 0.7866, 0.7819, 0.7790, 0.7766, 0.7714, 0.7690, 0.7650 and 0.7634. The price has been following a local bearish trend since May 18. At the moment, we expect a short-term decline in the 0.7714 - 0.7690 range. If the last value breaks down, a strong decline will continue to the next target of 0.7650. The final potential downward target is 0.7634. After reaching it, a pullback into the correction can be expected.

On the other hand, short-term growth is expected in the range of 0.7766 - 0.7790. If the latter breaks down, the upward trend will develop. The first target is set at 0.7819, up to which the formation of local initial conditions is possible. The upward potential target is 0.7866. A downward pullback may follow after reaching it.

The main trend is the downward trend from May 18.

Trading recommendations:

Buy: 0.7766 Take profit: 0.7788

Buy: 0.7791 Take profit: 0.7819

Sell: 0.7714 Take profit: 0.7693

Sell: 0.7688 Take profit: 0.7650

The key levels for the EUR/JPY pair are 134.74, 134.39, 133.98, 133.71, 133.48, 133.30 and 132.87. The price has been moving in a local upward trend since May 24. We expect this trend to resume after the level of 133.98 is broken. The target is set at 134.39 and the price may consolidate near it. The ultimate potential upward target is set 134.74. After reaching it, a downward pullback can be expected.

Alternatively, the short-term decline is possible in the 133.71 - 133.48 range. If the level of 133.48 breaks down, a deep correction will occur. The target is set at 133.30. The key support is in the range of 133.48 - 133.30.

The main trend is the local upward trend from May 24.

Trading recommendations:

Buy: 133.98 Take profit: 134.37

Buy: 133.41 Take profit: 134.74

Sell: 133.69 Take profit: 133.48

Sell: 133.47 Take profit: 133.30

The key levels for the GBP/JPY pair are 156.88, 156.57, 156.09, 155.55, 155.14 and 154.60. The key upward targets from the impulsive movement on May 25 was already determined. Now, we expect the upward movement to continue after the level of 156.09 is broken. The target is set at 156.57. The final potential upward target is 156.88. After reaching it, the price may consolidate.

A short-term decline can be expected in the 155.55 - 155.14 range. If the latter breaks down, a deep correction will occur. The target is set at 154.60, which is also the key support level.

The main trend is the upward trend from April 23.

Trading recommendations:

Buy: 156.10 Take profit: 156.57

Buy: 156.58 Take profit: 156.88

Sell: 155.55 Take profit: 155.17

Sell: 155.12 Take profit: 154.66