Silver Continues Consolidating

Silver has been stuck in a sideways consolidation between 16.10 and the (MA)89 indicator on the daily time-frame since the beginning of February and that consolidation clearly continues for now. The precious metal formed a doji candlestick on the four-hour time-frame above 16.10 and bounced off from that support yet again. It is currently still moving to the upside and the closest target would likely be around 16.45, which is the (MA)89 indicator on the four-hour time-frame. If it breaks out above it Silver will probably continue rising towards the aforementioned (MA)89 indicator on the daily time-frame, likely to reach it around 16.70.

GBP/AUD Bounced off from 1.8505

After moving to the upside for the past two weeks GBP/AUD finally found some resistance at 1.8505 and bounced off from that level after forming a pair of candlesticks signaling for such a reversal, namely a hanging man candlestick and a shooting star candlestick, both on the daily time-frame. The pair continues moving to the downside for the moment and it will likely break out below 1.8260. If or when that happens the pair will probably continue falling towards the support at 1.8150, which coincides with the (MA)89 indicator on the four-hour time-frame. A breakout below that level could lead to another move to the downside towards 1.8000.

EUR/GBP Continues Consolidating

The long-term sideways consolidation of the EUR/GBP pair continues, but that said, the pair is currently at something of a crossdroads. EUR/GBP reached a low at 0.8665, which coincided with the (MA)89 indicator on the weekly time-frame and bounced off from it, forming a clear doji candlestick at that level on the daily time-frame and a hammer candlestick on the weekly time-frame, then moved to the upside to 0.8800. There the pair formed another telling candlestick, namely a shooting star one, this time on the daily time-frame. This candlestick is indicative that there may be a new move to the downside, likely towards the last support at 0.8865. The pair could continue falling if it breaks out below it, and its next target would be around 0.8600.