Forecasting

GBP/USD dropped sharply today and it is testing the support at 1.2600. Considering how bearish the pair is we will likely soon see a breakout below that level and a further depreciation towards 1.2500.

GBP/USD did break out below 1.2600 and found some support at 1.2555. The pair is still consolidating around that level but I think we will eventually see a new move to the downside towards 1.2500.

EUR/USD found some support at 1.1300 and for now the sideways consolidation clearly continues. I think we may even see another rally towards the resistance around 1.1400 - 1.1430.

AUD/USD has developed a shooting star candlestick and a hanging man candlestick at the resistance at 0.7340, both on the four-hour time-frame. Both candlesticks are a signal for an impending move to the downside, likely towards 0.7200.

Not only did AUD/USD reach 0.7200 but it also broke out below that support and continued depreciating. Next target is likely around 0.7100 and we may even see another breakout below that level as well.

AUD/USD bounced off from 0.7150 this week after forming an inverted hammer candlestick on the four-hour time-frame at that level. That said, the pair remains bearish and after a retracement it will likely continue moving to the downside towards 0.7100.

NZD/CAD has formed both a double top at 0.9250 and several shooting star candlesticks on the daily time-frame at the same resistance. Both are very good signals for a move to the downside, which will likely continue towards 0.9000.

GBP/USD is consolidating around 1.2600 and the overall trend remains bearish. I think that we will eventually see a breakout below that level and a depreciation towards the last low at 1.2450.

USD/CAD continues moving to the upside towards 1.3450. Considering how bullish the pair is it may even break out above that level and rally towards 1.3500.

NZD/USD is testing the resistance at 0.6870 and so far is only consolidating sideways below that level. A possible breakout above that resistance will probably lead to a further move to the upside towards 0.6940.