NZD/USD Is Moving to the Upside

NZD/USD has almost recovered the major drop that occurred after the UK referendum results came out two weeks ago. Although the pair found some resistance at 0.7240 and bounced off of it, later it formed a hammer candlestick visible on the daily time-frame above the support at 0.7100 and started moving to the upside again. Currently NZD/USD has almost reached the aforementioned resistance at 0.7240 and it will likely test it again. A breakout above that level will lead to further move to the upside towards the previous high at 0.7293 and if the pair breaks above it as well it will likely reach 0.7380, which is (MA)89 on the monthly time-frame.

USD/CAD Will Likely Start Falling Again

Yesterday USD/CAD reached a strong support level at 1.2835 and started moving to the upside, eventually reaching the resistance at 1.3050, which coincides with (MA)89 on the daily time-frame and bounced off of it, forming a clear shooting star candlestick on the four-hour time-frame. Such a candlestick, combined with the fact that the pair has bounced off (MA)89 on the daily time-frame several times since 19^th May is a very telling signal that we should expect a new move to the downside, continuing the overall sideways consolidation. If the signal is valid next target will likely be at 1.2930, which is (MA)89 on the four-hour time-frame.

Silver Found Resistance at 21.11

Last week I wrote that I expected Silver to continue moving to the upside if the break above 19.51 is confirmed and Silver not only continued rallying, but it eventually reached 21.11, although it couldn’t quite reach the previous high at 21.55 formed back in July 2014.

All that said, it appears that the rally has ended for the moment, although the trend itself is still bullish. Silver found resistance at 21.11, formed a spectacular doji candlestick on the four-hour time-frame and started moving to the downside. Its next target is likely 19.51 again, which will have turned from a resistance level into a support one.