EUR/CAD Is Retracing

The EUR/CAD trend is obviously very bearish – the pair has been moving to the downside ever since it bounced off from 1.5585. That said, the pair finally found some support at 1.4800 and formed several signals for a likely retracement, namely a double bottom at the aforementioned support level, as well as a hammer candlestick on the one-hour time-frame, and several spinning top candlesticks on the four-hour time-frame. Currently the pair is testing the resistance at 1.4925, which coincides with the (MA)89 indicator on the one-hour time-frame. It has formed similar candlesticks at that level too, so whether it will be able to break out above it too is unclear. If it does it will probably continue rising towards 1.5000. If it bounces off from it the pair may fall back down towards 1.4800.

AUD/USD Is Bearish

Recently AUD/USD broke out below the support of the latest sideways consolidation it was stuck in above 0.7310 and continued moving to the downside. The pair finally reached the support at 0.7230 and has almost reached the last low at 0.7260. The question now is, obviously, whether the pair will be able to break out below those levels too. If it does then next target will likely be at 0.6826, which was reached over two years ago. If the pair bounces off from the aforementioned support though it could start retracing back toward 0.7300 or even towards 0.7400. A breakout above those levels could lead to a rally towards 0.7600.

EUR/USD Found Some Support

EUR/USD found some support at 1.1365 after the rather impressive move to the downside caused by the fundamentals last Friday. The pair formed two inverted hammer candlestick at the aforementioned support level on the four-hour time-frame and promptly bounced off from it, beginning a retracement. It is currently testing the resistance at 1.1420 and if it breaks out above that level it will likely rally towards 1.1450 at least. On the other hand, the trend remains as bearish as ever, so once this retracement is over the move to the downside will probably continue. A breakout below the last low at 1.1365 will likely lead to a further move to the downside towards 1.1200.