Gold Is Consolidating Sideways

Gold has been stuck in a relatively wide sideways consolidation between $1,365 and $1,310 since the end of January this year and so far there is no indication that the consolidation will end. The precious metal is now testing the support at $1,310 once again and it will likely bounce off from that level. If that happens Gold will probably start moving to the upside back towards the aforementioned resistance at $1,365. On the other hand, if there is a breakout below the support which also coincides with the (MA)89 indicator on the daily time-frame the precious metal will probably continue falling towards the next support, which is at $1,300, or even below that level.  

EUR/AUD Is Consolidating

EUR/AUD has been consolidating sideways below the resistance at 1.5815 for a month now and so far there is no indication that said consolidation will end any time soon. The pair has formed three spinning top candlesticks on the weekly time-frame already and is currently in the process of forming a fourth, unless, of course, there is a break out this week after all. Such candlesticks are signals for indecision, rather than a reversal, so the breakout could be in either direction. A breakout to the upside above 1.5815 will likely lead to a further move to the upside towards 1.5900. On the other hand, if the pair bounces off from the aforementioned resistance it will likely start falling towards 1.5420 which is the (MA)89 indicator on the daily time-frame.

USD/CAD Is Bullish Again

USD/CAD had bounced off from 1.2750 after forming a spinning top candlestick on the daily time-frame at that level, but the retracement was quite short-lived. The pair could not break out below 1.2615 and after another spinning top at that level on the four-hour time-frame the pair is once again moving to the upside. It will likely test the resistance at 1.2730 and the last high at 1.2750 and if it breaks out above that level there will probably be a further move to the upside towards 1.2800 and above. On the other hand, if there is a breakout below 1.2615 the pair will probably continue falling towards 1.2600.