CAD/JPY May Start Falling

CAD/JPY has been consolidating sideways below the (MA)89 indicator on the daily time-frame for two months now and said consolidation will likely continue, considering the candlesticks that continue to form below the aforementioned indicator. Namely, the pair has formed a doji candlestick and a spinning top candlestick, both on the daly time-frame, both below the resistance at 84.45. Although such candlesticks are a signal for indecision, rather than reversal, there could definitely be a new move to the downside. Next target will likely be around 82.00. On the other hand, if the pair breaks out above the indicator it could rise towards the last high, which is at 87.10.

Gold Is Retracing

Gold has been moving to the downside for the past three months but ever since it broke out below the support at $1,285 that movement accelerated considerably. That said, the precious metal found some support at $1,237 and bounced off from it after forming a spinning top candlestick on the four-hour time-frame. It is currently testing the resistance at $1,256 and if it breaks out above that level the current retracement will likely continue, its next target being likely at $1,265, which coincides with the (MA)89 indicator on the four-hour time-frame. A breakout above that level could, in turn, lead to a rally towards $1,285 again.

EUR/AUD Is Very Bullish

After a brief and choppy retracement that formed after EUR/AUD bounced off from the resistance at 1.5830 the pair also bounced off from the support at 1.5715. It could not even reach the (MA)89 indicator on the daily time-frame at 1.5665 but rather formed a doji candlesticks and an inverted hammer candlestick on the same time-frame at the aforementioned support and started moving sharply to the upside. The pair has already broken out above the last high at 1.5825 and it continues rising, so the move to the upside is very likely to continue. If it does, next target will likely be at 1.6000, and if it breaks out above that level it could rise towards the next high, which is at 1.6140.