AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, AUDUSD is trading below the 3/8 level and may continue falling to reach the support at the 0/8 one. However, there may be attempts to stop this decline. On Monday, the market opened with a gap above the 1/8 level, which could result in a growth towards the 3/8 one, but the instrument continued falling instead to break the 1/8 level to the downside. In this case, if the price rebounds from this level upwards, it may resume trading upwards to reach the resistance at the 3/8 one. However, if the 1/8 level is broken, the bearish tendency will get stronger and the pair may reach the support at the 0/8 one.
In the H1 chart, the pair failed to break the 3/8 level yesterday, thus indicating a possible bullish tendency. If bulls succeed in pushing the price above this level, the pair may continue moving upwards to reach the resistance at the 5/8 one.
NZDUSD, “New Zealand Dollar vs US Dollar”
As we can see in the H4 chart, bears and bulls have been “fighting” for the 3/8 level for five days in a row. If NZDUSD breaks it, the pair may continue falling towards the support at the 1/8 level. However, to continue their tendency, bulls must break the 3/8 level into the consolidation range. In this case, the pair may resume growing to reach resistance at the 5/8 one. Still, right now, the tendency is descending, that’s why bears are more likely to succeed.
In the H1 chart, the pair is consolidating. If the price breaks the 3/8 level, it may resume falling towards the “oversold zone”. In opposition, the instrument may break the 5/8 level and start a new growth to reach the “overbought zone”.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.