Silver Is Testing the Support at 16.15 – 16.10

Today Silver fell towards the support around 16.10 – 16.15 once again – the long-term sideways consolidation clearly continues for now. That said, there are two possibilities for the precious metal at this level. It could, after months of consolidation, finally breakout below 16.10 and continue falling towards 15.60. Silver bouncing off from the aforementioned support is a far more likely outcome, and if that happens there will probably be another move to the upside towards 16.65, where is the (MA)89 indicator on the daily time-frame. Silver has consolidated around this indicator this whole time, so far there is no signal that is about to end.

GBP/AUD Is Consolidating

GBP/AUD has clearly been stuck in a relatively wide sideways consolidation from 1.8160 to 1.8500 for the past one month or so and so far there is no indication that there will be a breakout soon that will end the consolidation, that much is obvious on the daily time-frame. The candlesticks on the weekly time-frame are of no particular help either – after the initial shooting star candlestick the pair has formed a pair of spinning top candlesticks that just confirm the indecision. For now GBP/AUD is testing the support of said consolidation, a breakout below that level could lead to a further move to the downside towards 1.7900, which is the (MA)89 indicator on the daily time-frame. A breakout to the upside, on the other hand, could lead to a further move to the upside towards 1.8600 and above.

EUR/JPY Is Falling

EUR/JPY moved sharply to the downside today after the pair formed a spinning top candlestick on the daily time-frame at 133.30 yesterday. What is more, the pair has also formed candlesticks signaling for a likely move to the downside both on the four-hour and weekly time-frames, namely a hanging man candlestick on the former and a shooting star on the latter. 

Currently EUR/JPY has almost reached the (MA)89 indicator on the daily time-frame at 132.20 and the question is, of course, whether there will be a breakout below that support. Considering the abovementioned candlesticks there may be one and the move to the downside will probably continue towards 131.00 or even to 130.00.