Forecast for May 13:
Analytical review of currency pairs on the scale of H1:
For the euro / dollar pair, the key levels on the H1 scale are: 1.0975, 1.0945, 1.0922, 1.0886, 1.0835, 1.0812, 1.0766 and 1.0728. Here, we are following the development of the ascending structure of May 7. The continuation of the upward movement is expected after the breakdown of the level of 1.0886. In this case, the target is 1.0922. Short-term upward movement, as well as consolidation is in the range of 1.0922 – 1.0945. For the potential value for the top, we consider the level of 1.0975. Upon reaching this level, we expect a downward pullback.
A short-term downward movement is expected in the range of 1.0835 – 1.0812. This range is a key support for the top and the price passing this level will favor the development of a downward structure. In this case, the first potential target is 1.0766.
The main trend is the upward structure of May 7
Trading recommendations:
- Buy: 1.0887 Take profit: 1.0920
- Buy: 1.0923 Take profit: 1.0943
- Sell: 1.0835 Take profit: 1.0813
- Sell: 1.0810 Take profit: 1.0770
For the pound / dollar pair, the key levels on the H1 scale are: 1.2463, 1.2394, 1.2352, 1.2264, 1.2211, 1.2143 and 1.2093. Here, the price forms the potential for the downward movement of May 8. The continuation of the downward movement is expected after the breakdown of the level of 1.2264. In this case, the target is 1.2211. The breakdown of the last level will lead to a pronounced movement. Here, the goal is 1.2143. For the potential value for the bottom, we consider the level 1.2093. After which, we expect consolidation, as well as an upward pullback.
A short-term upward movement is possible in the range of 1.2352 – 1.2394. The breakdown of the latter level will favor the development of an upward structure. Here, the first potential target is 1.2463.
The main trend is the formation of the downward structure of May 8
Trading recommendations:
- Buy: 1.2352 Take profit: 1.2392
- Buy: 1.2395 Take profit: 1.2460
- Sell: 1.2264 Take profit: 1.2213
- Sell: 1.2209 Take profit: 1.2145
For the dollar / franc pair, the key levels on the H1 scale are: 0.9758, 0.9729, 0.9705, 0.9660, 0.9642, 0.9600 and 0.9573. Here, we are following the descending structure of May 7. The continuation of the downward movement is expected after the price passes the noise range 0.9660 – 0.9642. In this case, the target is 0.9600. For the potential value for the bottom, we consider the level of 0.9573. Upon reaching this level, we expect consolidation, as well as an upward pullback.
A short-term upward movement is possible in the range of 0.9705 – 0.9729. The breakdown of the last level will lead to an in-depth correction. Here, the target is 0.9758. This level is a key support for the downward trend.
The main trend is the descending structure of May 7
Trading recommendations:
- Buy : 0.9705 Take profit: 0.9727
- Buy : 0.9732 Take profit: 0.9756
- Sell: 0.9640 Take profit: 0.9606
- Sell: 0.9598 Take profit: 0.9575
For the dollar / yen pair, the key levels on the scale are : 108.29, 108.05, 107.76, 107.60, 107.33, 107.15 and 106.88. Here, we are following the development of the ascending structure of May 6. At the moment, the price is in correction. The continuation of the upward movement is expected after the price passes the noise range 107.60 – 107.76. In this case, the target is 108.05. Price consolidation is near this level. For the potential value for the top, we consider the level of 108.29. Upon reaching which, we expect a downward pullback.
Consolidated movement is possible in the range of 107.33 – 107.15. The breakdown of the last value will lead to an in-depth correction. Here, the goal is 106.88. This level is a key support for the upward structure.
The main trend: the upward cycle of May 6, the correction stage
Trading recommendations:
- Buy: 107.77 Take profit: 108.00
- Buy : 108.05 Take profit: 108.26
- Sell: Take profit:
- Sell: 107.13 Take profit: 106.90
For the Canadian dollar / US dollar pair, the key levels on the H1 scale are: 1.4189, 1.4150, 1.4094, 1.4065, 1.4006, 1.3971, 1.3933 and 1.3896. Here, we are following the formation of the upward potential of May 11. Short-term upward movement is expected in the range of 1.4065 – 1.4094. The breakdown of the latter value will lead to a pronounced movement. Here, the target is 1.4150. For the potential value for the top, we consider the level of 1.4189. Upon reaching which, we expect a downward pullback.
A short-term downward movement is possible in the range of 1.4006 – 1.3971. The breakdown of the last value will lead to an in-depth correction. In this case, the target is 1.3933. This level is a key support for the top.
The main trend is the formation of the upward potential of May 11
Trading recommendations:
- Buy: 1.4065 Take profit: 1.4092
- Buy : 1.4096 Take profit: 1.4150
- Sell: 1.4006 Take profit: 1.3973
- Sell: 1.3968 Take profit: 1.3935
For the Australian dollar / US dollar pair, the key levels on the H1 scale are : 0.6671, 0.6628, 0.6608, 0.6571, 0.6547, 0.6435 and 0.6376. Here, we are following the development of the upward structure from May 7. At the moment, the price is in deep correction and is close to the abolition of the upward trend, which requires a breakdown of the level of 0.6435. In this case, the potential target is 0.6376. The continuation of the upward movement is expected after the breakdown of the level of 0.6508. Here, the first goal is 0.6547.
Short-term upward movement is expected in the range of 0.6547 – 0.6571. The breakdown of the last value should be accompanied by a pronounced upward movement. In this case, the target is 0.6608. Price consolidation is in the range of 0.6608 – 0.6628. For the potential value for the top, we consider the level of 0.6671. Upon reaching which, we expect a downward pullback.
The main trend is the rising structure of May 7, the stage of deep correction
Trading recommendations:
- Buy: 0.6508 Take profit: 0.6545
- Buy: 0.6547 Take profit: 0.6570
- Sell : 0.6435 Take profit : 0.6380
- Sell: Take profit:
For the euro / yen pair, the key levels on the H1 scale are: 117.81, 117.49, 117.00, 116.79, 116.18, 115.81 and 115.42. Here, we are following the development of the ascending structure of May 6. The continuation of the upward movement is expected after the price passes through the noise range 116.79 – 117.00. In this case, the target is 117.49. For the potential value for the top, we consider the level of 117.81. Upon reaching which, we expect consolidation, as well as a downward pullback.
Short-term downward movement is possible in the range of 116.18 – 115.81. The breakdown of the last value will lead to an in-depth correction. Here, the target is 115.42. This level is a key support for the top.
The main trend is the upward structure of May 6
Trading recommendations:
- Buy: 117.00 Take profit: 117.47
- Buy: 117.50 Take profit: 117.80
- Sell: 116.15 Take profit: 115.84
- Sell: 115.79 Take profit: 115.44
For the pound / yen pair, the key levels on the H1 scale are : 135.08, 134.25, 133.78, 133.16, 132.48, 131.20, 130.47 and 129.67. Here, we are following the formation of the ascending structure of May 7. The continuation of the upward movement is possible after the breakdown of the level of 132.48. In this case, the first target is 133.16. Price consolidation is near this level, its passage will lead to a pronounced movement. In this case, the first goal is 133.78. Short-term upward movement and consolidation is in the range of 133. 78 – 134.25.
For the potential value for the top, we consider the level of 135.08. Upon reaching which, we expect a downward pullback. The level of 131.20 is a key support for the upward structure and its breakdown will lead to the development of the downward movement of May 11. Here, the first goal is 130.47. For the potential value for the bottom, we consider the level of 129.67. Upon reaching which, we expect an upward pullback.
The main trend is the formation of the ascending structure of May 7, the stage of deep correction.
Trading recommendations:
- Buy: 132.50 Take profit: 133.15
- Buy: 133.18 Take profit: 133.75
- Sell: 131.20 Take profit: 130.50
- Sell: 130.43 Take profit: 129.70
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
If you have an interest in any area of Forex Trading, this is where you want to be.
Global Fx Trading Group is a world leader in providing Fx services to individual traders, including: Unmatched funding programs, on-line education, virtual trading rooms, automation tools, robot building, and personal coaching.
The company was first established by Jeff Wecker, former member of the Chicago Board of Trade, with 25 years in the industry. Jeff has a keen understanding of the needs of Forex traders and those needs are our focus.
Please join our VIP Group while is still FREE …
https://t.me/joinchat/JqsXFBKpyj3YS4bLWzT_rg
Our mission is simple: To enhance as many lives as we can through education and empowerment.
#theforexarmy #forexsigns #forexsignals #forexfamily #forexgroup #forexhelp #forexcourse #forextrade #forexdaily #forexmoney #forexentourage #forextrading #forex #forexhelptrading #forexscalping #babypips #forexfactory #forexlife #forextrader #financialfreedom
