EUR/CAD Formed a Double Bottom

After EUR/CAD reached a high at 1.6150 it bounced off from it, halting its bullish trend, and began retracing to the downside. The pair has last reached a low at 1.5670 but the question is whether it will continue retracing or bounce off from it too, because the pair formed a distinct double bottom at that level on the one-hour and four-hour time-frames. If the pair does continue moving to the upside for now it may rally towards 1.5800 and if it breaks out above that level it may rise towards 1.5880 which is the (MA)89 indicator on the four-hour time-frame. On the other hand, if it continues falling and breaks out below the double bottom it could reach 1.5520, which is the same indicator, but on the daily time-frame.

GBP/CAD Continues Falling

After forming the spinning top candlestick on the weekly time-frame at 1.8415 GBP/CAD did indeed begin to move to the downside and eventually it also formed a shooting star candlestick on the same time-frame, which is an even better signal for a further drop. What is more, the pair also broke out below the support at 1.8030 and is currently still moving to the downside. The retracement will likely continue and the closest support will probably be around 1.7780. A breakout below that level could lead to a further drop towards the (MA)89 indicator on the daily time-frame, which is currently at 1.7570.

AUD/JPY May Reach 80.50 Again

AUD/JPY has been consolidating sideways above the support at 80.50 for a little over a week now.  The pair eventually reached the resistance at 81.95 at the end of last week and bounced off from it after forming a hanging man candlestick on the daily time-frame at that level. Currently AUD/JPY is moving to the downside as part of the aforementioned consolidation and it is very likely it will fall back to the support at 80.50. The question is whether it will be able to break out below it or it will form a double bottom. If there is a breakout there will probably be a further move to the downside towards 80.00. On the other hand, if the pair forms a double bottom there will probably be a move to the upside towards 81.95 – 82.00 or even towards 82.60.