On H4, the quotations are trading in the overbought area. Currently, the price is bouncing off 2/8. This means that the quotations are likely to fall to the nearest support at 1/8. A breakaway of 1/8 can provoke further decline to the next support at 8/8. The scenario might be canceled by a breakaway of 2/8 upwards. In this case, Murrey lines will be rearranged, so that new goals for growth will be set.
On M15, the falling of the price will be additionally supported by a breakaway of the lower line of VoltyChannel.
NZDUSD, “New Zealand Dollar vs US Dollar”
On H4, the quotations have reached the overbought area. Currently, we expect them to bounce off 8/8 and fall to the support at 6/8. This can be interpreted as a correction in the uptrend. Such a scenario can be canceled by a breakaway of 8/8 upwards, which will lead the quotations further upwards to the resistance at 1/8.
On M15, a breakaway of the lower border of VoltyChannel will increase the chances for a decline.
