The EUR/CAD Rally May End

EUR/CAD has been rallying for the past few days, but the rally may finally be over, at least for now, as the pair has reached a strong resistance at 1.4960. The pair formed a shooting star candlestick and a spinning top candlestick on the four-hour time-frame and, unsurprisingly, it started slowly moving to the downside after that. While the candlestick on the daily time-frame not closed yet, if it does close as it is now, i.e. as a shooting star candlestick, it would be a further and stronger signal for an impending move to the downside. Should that move to the downside occur the closest target will likely be around 1.4840.

Silver Will Likely Bounce off from 16.47

Silver has been gradually moving to the upside for the past three weeks and although the precious metal found some resistance at 16.90 and bounced off from that level it appears that the move to the upside may not be over yet. Silver formed several whipsaws for the past day and as a consequence it formed a pair of very telling candlesticks on the four-hour time-frame – namely an inverted hammer candlestick and a hammer candlestick, as well as a pair of doji candlesticks between them, all above the support at 16.47, which coincides with the (MA)89 indicator on the four-hour time-frame. Considering those candlesticks there will likely be a new rally towards the resistance at 16.90 and if the precious metal breaks out above that level it could reach 17.15, which is the same (MA)89 indicator, but on the weekly time-frame.

GBP/USD May Bounce Off from 1.3240

GBP/USD has been rallying for over a week now and it has moved to the upside from 1.2950 to 1.3240 but the current move north may be at least temporarily over if we consider the clear hanging man candlestick that has formed at the aforementioned resistance at 1.3240 on the four-hour time-frame. If this signal proves valid, there could likely be a new move to the downside towards 1.3145 and a breakout below that support could lead to a further drop towards 1.3050, which is the (MA)89 indicator on the same four-hour time-frame. However, this movement could be interrupted by the various fundamentals coming later this week both from the UK and the USA.