On H4, the quotes are in the overbought area. A downward breakaway of 8/8 is expected, followed by further falling to the support level of 7/8. The scenario can be cancelled by a breakaway of 1/8 upwards. In this case the pair might start growing again and even reach the resistance level of 2/8.
On M15, the lower line of VoltyChannel is broken away, which increases the probability of falling to 7/8 on H4.
XAUUSD, “Gold vs US Dollar”
On H4, the quotes are under the 200-day Moving Average, which indicates a downtrend. A test of 6/8 should be expected, followed by a breakaway and falling to the support level of 5/8. The scenario can be cancelled by a breakaway of 7/8 upwards, in which case gold can grow to the resistance level of 8/8.
On M15, a breakaway of the lower line of VoltyChannel will become an additional signal confirming the decline.
