EUR/AUD Is Consolidating

EUR/AUD has been consolidating sideways below the resistance at 1.5815 for a month now and so far there is no indication that said consolidation will end any time soon. The pair has formed three spinning top candlesticks on the weekly time-frame already and is currently in the process of forming a fourth, unless, of course, there is a break out this week after all. Such candlesticks are signals for indecision, rather than a reversal, so the breakout could be in either direction. A breakout to the upside above 1.5815 will likely lead to a further move to the upside towards 1.5900. On the other hand, if the pair bounces off from the aforementioned resistance it will likely start falling towards 1.5420 which is the (MA)89 indicator on the daily time-frame.