Forex Signals May 20: NVIDIA, Analog Devices, Target, e.l.f. Beauty Earnings Preview

Quick overview

Live BTC/USD Chart

BTC/USD

0.0000

MARKETS TREND

TRADE BTC/USD

NVIDIA Corporation, Analog Devices, Inc., Target Corporation, and e.l.f. Beauty, Inc. headline a packed Wednesday earnings calendar spanning semiconductors, retail, and consumer discretionary trends.

Dollar Strength Returns on Middle East Escalation Risks

The increased risk of a broader escalation in the Middle East helped lift the dollar, with gains also supported by rising global bond yields. Although there were brief pockets of optimism just 24 hours earlier after President Trump appeared to pull back from immediate military action, the threat of renewed bombing has quickly returned to the forefront.

Markets remain focused on the possibility that even a temporary pause may not prevent longer-lasting disruptions to energy flows and elevated geopolitical uncertainty.

Oil and Inflation Concerns Keep Markets on Edge

Even though crude oil prices edged slightly lower today, traders remain concerned that sustained higher energy costs could keep inflation elevated and potentially re-anchor inflation expectations. The risk of secondary effects spreading into broader goods and services continues to weigh on sentiment. This backdrop has contributed to higher yields across the U.S. Treasury curve as markets price in more persistent inflation pressures.

Earnings Calendar Highlights for the Wednesday

Wednesday’s earnings lineup presents a concentrated test across high-impact sectors: AI-driven semiconductors, analog chip demand, U.S. retail health, and consumer beauty growth. While NVIDIA dominates headline attention due to its market influence, the broader read-through comes from whether cyclical sectors like industrial semis and retail confirm stability or signal renewed demand pressure. Overall, sentiment heading into the prints remains balanced but fragile, with elevated expectations increasing the risk of sharp post-earnings volatility across the board.

Nvidia Earnings (Wed):

Reports earnings on Wednesday, 20th May at 21:30 BST/16:30 EDT, with investors closely watching the metrics given Nvidia’s leadership in AI. Nvidia continues to benefit from surging capital expenditure, with AMZN, GOOGL, META and MSFT already committing USD 695-725bln in 2026. Meanwhile, since the last earnings report at Nvidia’s GTC event, CEO Huang said last year saw around USD 500bln in high-confidence demand and purchase orders for Blackwell and Rubin, and now sees at least USD 1tln in demand through 2027, adding he is certain computing demand will be much higher than that. In the last earnings report, Nvidia guided Q1 revenue to between USD 76.44-79.56bln, above the expected USD 72.78bln.

For this quarter, adjusted EPS is seen at 1.78 and revenue at USD 78.98bln. For the next quarter, profit and revenue are projected at USD 1.96 and USD 96.78bln, respectively, while FY EPS is seen at USD 8.36 and revenue at USD 371.66bln. Nvidia shares have surged recently, rising 20% over the last month and 26.5% YTD to fresh record highs. Barron’s wrote that Nvidia’s rally is only getting started and that the stock remains cheap. Ahead of earnings, Cantor Fitzgerald reiterated its ‘Overweight’ rating, maintained Nvidia as a ‘Top Pick’, and raised its PT to USD 350 from USD 300. While it will not be reflected in these earnings metrics, CEO Huang may also be asked about his recent China visit, where US President Trump said the H200 did not come up in talks with China.

• NVIDIA — Q1 2027 Earnings (AMC)

• Expected EPS: 1.78
• NVIDIA remains the most anticipated report of the week as investors closely monitor AI infrastructure spending and
• data center demand.
• Markets will focus on guidance tied to AI accelerators, China export restrictions, and hyperscaler investment trends.
• Valuation expectations remain extremely high following the company’s massive rally over the past year.

Analog Devices (ADI) — Industrial and Analog Demand in Focus

Analog Devices, Inc. reports before market open (BMO), offering insight into analog chip demand across industrial and automotive cycles.

• Investors are closely tracking whether industrial demand is stabilizing after a period of softness.
• Automotive chip demand remains a critical offset, particularly in electrification and advanced driver systems.
• Any commentary on inventory normalization will be closely scrutinized.
• The stock often acts as a bellwether for broader semiconductor cyclicality outside of AI hype.

Target (TGT) — Consumer Spending and Margin Pressure

Target Corporation reports before market open, providing a key read on U.S. consumer health.

• Retail sales trends will be central, especially discretionary categories versus essentials.
• Inflation sensitivity and promotional intensity remain important drivers of margin performance.
• Investors will look for clarity on foot traffic trends and digital sales contribution.
• Guidance commentary may carry more weight than earnings beats in assessing demand durability.

e.l.f. Beauty (ELF) — Growth vs Valuation Reality Check

e.l.f. Beauty, Inc. reports after market close, representing one of the more volatile consumer beauty names in the calendar.

• Growth momentum in cosmetics remains strong, but expectations have risen sharply after recent performance.
• International expansion and pricing power will be key themes.
• Margin sustainability is under the spotlight as competition in value beauty intensifies.
• The stock’s high sensitivity to guidance means even small deviations could drive outsized moves.

Gold Breaks Below $4,500

Although demand for safe haven assets is still high, gold fell precipitously from record highs following the Fed’s most recent rate cut comments, as profit-taking was prompted by Powell’s cautious tone. In December, gold jumped above $4,380 following the Federal Reserve’s announcement of a 25 basis point rate decrease. But the impetus soon waned, and prices dropped back to $4,004. The 20o daily SMA (red) held as support this week and buyers returned and pushed XAU above the $4,800 and above the 100 SMA (green).

USD/JPY Rebounds

USD/JPY – Daily Chart

Cryptocurrency Update

Bitcoin Returns Above $80K

Cryptocurrencies remained highly active over the summer. Bitcoin (BTC) climbed to fresh highs of $123,000 and $124,000 in July and August, supported by institutional inflows and technical strength. However, remarks from Treasury Secretary Scott Bessent ruling out U.S. increases to BTC reserves triggered a steep pullback, sending the coin down to $80K before finding support at the 100 weekly SMA (green). A rebound followed, sending BTC near $100 is the first major text for Bitcoin buyers. However BTC returned lower and fell below $80K, breaking below the but the 100 weekly SMA (green) but the decline stopped at the $60K support where the 200 weekly SMA (purple) stands and rebounded above $76K but returned to $70K again.

BTC/USD – Daily Chart

Ethereum Returns to $2,000

Ethereum (ETH) has been similarly strong, surging toward $4,800, its highest since 2021 and near its all-time peak of $4,860. Despite a dip last week, ETH found support at the 20-day SMA, with retail enthusiasm and renewed institutional participation driving fresh upside momentum. Last week we saw a dive below $2,000 but buyers returned n d pushed the price above $2K again.

ETH/USD – Weekly Chart

ABOUT THE AUTHOR See More

Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.

XRP Price Prediction: $1.37 Post-Vote Pullback — 60 Senate Votes and the Build Now Housing Bundle Are the Next Tests

11 hours ago

Save

Gold Consolidates Near $4,700 as Hot CPI & Trump-Xi Summit Weigh – Rate Cut Hopes Fade?

13 hours ago

Save

Goldman Sachs Bullish on Gold: Central Bank Buying to Yellow Metal

17 hours ago

Save