EUR/GBP Is Climbing Again

EUR/GBP is moving to the upside again after making another unsuccessful attempt to break below the support at 0.8460 and in the process forming a double bottom at that level. What is more, the spinning top candlestick and the inverted hammer candlestick above the same support remain as very telling signals for an impending reversal. Currently the pair is testing the resistance at 0.8560 and a breakout above that level will likely lead to a further move to the upside towards the resistance at 0.8600, which coincides with the (MA)89 indicators on both the four-hour and daily time-frames. A breakout above that level and the formation of a new high will confirm the possible refersal.

Silver Is Falling

After forming a double bottom at the support at 16.15 Silver bounced off that level, but it could not even reach the resistance at 17.00 which coincides with the (MA)89 indicator on the four-hour time-frame before forming a distinct doji candlestick on the same time-frame below the previous resistance at 16.85 and moving to the downside once again. The precious metal has also formed an impressive shooting star candlestick on the daily time-frame below the same resistance level. Currently Silver is testing the support 16.50, and a breakout below that level will likely lead to a further move to the downside towards the aforementioned support at 16.15. A breakout below that support in turn will serve as a confirmation that the overall bearish trend will continue.

GBP/AUD Is Testing the Support at 1.6610

GBP/AUD has been moving to the upside for the past month or so after the pair ended, for now at least, its long-term general downwards trend. That said, it also reached a significant resistance level at 1.6975, which coincides with the (MA)89 indicator on the daily time-frame, formed a shooting star candlestick on the four-hour time-frame below that resistance and started moving to the downside. Currently the pair is testing the support at 1.6610 which coincides with the same indicator on the four-hour time-frame again, and if a breakout below that level is confirmed we can likely expect a further move to the downside toward the next significant support level at 1.6500.