AUD/NZD Will Likely Start Falling Again

AUD/NZD has been stuck in a very wide range from 1.0230 to 1.0760 for months now, since July 2016, and it appears that said range will continue to develop for the foreseeable future. The pair almost reached the resistance at 1.0760 once again, bouncing off from 1.0745 and forming a pair of shooting star candlestick on the weekly time-frame, not to mention that both candlesticks are under the (MA)89 indicator on the same time-frame. AUD/NZD has tested it several times now since the range began forming and hasn’t been able to break out above it. Should there be another move to the downside the pair will likely reach the support at 1.0535, which is the (MA)89 indicator, but on the daily time-frame. A breakout below that support will probably lead to a further move to the downside towards 1.0340.

The AUD/USD Sideways Consolidation Continues

Although AUD/USD broke out above the (MA)89 indicator on the weekly time-frame which has served as a resistance level for well over a year now the pair still has not been able to continue moving to the upside and has been stuck in a relatively wide sideways consolidation between the aforementioned indicator at 0.7600 and the resistance at 0.7740. In the process of that consolidation the pair has formed a doji candlestick as well as a pair of spinning top candlesticks on the weekly time-frame again, and so far there is no indication that there will be a breakout in either direction. Since such candlesticks are a signal for indecision, rather than outright reversal, it still quite possible for the pair to continue moving to the upside towards the next target at 0.7800, not to mention that the (MA)89 indicator on the weekly time-frame used to be a very strong resistance, and it is now a strong support level, which will be difficult to overcome.

Silver Continues Climbing

The overall bullish trend continues to develop despite the stalling at 18.10 and the hanging man candlestick on the daily time-frame at that level. The precious metal broke above the aforementioned resistance level and continued moving steadily to the upside. It has almost reached the target at 18.45. The question is what will happen once it does reach it, and it probably will. It could, of course, bounce off from that level and finally begin retracing, at least until it reaches 18.00 again. On the other hand, considering how bullish Silver is, if it breaks out above 18.45 and continues moving to the upside it could reach the next significant resistance level which is at 19.20 and coincides with the (MA)89 indicator on the monthly time-frame.