Gold Is Rising

After forming a double top at $1,219 Gold moved to the downside for several days but that move is clearly over for now, as the precious metal reached the support at $1,180, formed a clear hammer candlestick on the daily time-frame and started climbing. Currently Gold is still moving to the upside, and its closest target is the (MA)89 indicator on the same time-frame, which is at $1,211. That said, considering that the previous high is at $1,219 and is slightly above the indicator, it is also quite possible for the precious metal to reach that level as well. A breakout above $1,218 will likely lead to a further move to the upside towards the next resistance level at $1,230, which is the (MA)89 on the weekly time-frame.

CAD/JPY Is Testing 87.05

After the market opened earlier today CAD/JPY moved to the downside until it reached the support at 87.05 which coincides with the (MA)89 indicator on the one-hour time-frame and it has been testing that support ever since. It’s quite possible for the pair to bounce off it, because it has formed a spinning top candlestick on the same time-frame right above the indicator. If it does bounce off it then we can likely expect a new move to the upside towards 87.60. On the other hand, if the move to the downside continues and CAD/JPY breaks below 87.05 – 87.00 then there will likely be a further drop towards the next support level, which is at 86.75 and is the (MA)89 indicator but on the four-hour time-frame.

GBP/AUD Is Moving to the Downside

GBP/AUD broke above the resistance at 1.6480, which coincides with the (MA)89 indicator on the four-hour time-frame and continued moving to the upside until it finally bounced off the resistance at 1.6765 without quite reaching the same indicator, but on the daily time-frame, which was at 1.6800. The pair formed a shooting star candlestick on the daily time-frame and started moving to the downside, and for now it is still quite bearish. Its closest target is at 1.6545 which is the (MA)89 indicator on the four-hour time-frame again, which from a resistance has become a support. A breakout below that level will likely lead to a further move to the downside towards 1.6480.