AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, AUDUSD is trading below the 200-day Moving Average to indicate a possible descending tendency. The Relative Strength Index has broken 30 to the upside, confirming the correction. In this case, the pair is expected to rebound from 1/8 (0.6469), and then resume growing towards the resistance at 2/8 (0.6591). However, this scenario may be cancelled if the price breaks the support at 1/8 (0.6469) to the downside. After that, the instrument may move downwards to reach 0/8 (0.6347).
In the M15 chart, the pair may break the upside line of the VoltyChannel indicator and, as a result, continue its growth towards 2/8 (0.6591) from the H4 chart.
NZDUSD, “New Zealand Dollar vs US Dollar”
As we can see in the H4 chart, NZDUSD is trading inside the “oversold area”. There is divergence in the Relative Strength Index, which has broken 30 to the upside, confirming the correction. In this case, the price is expected to test -1/8 (0.5737), break it, and then continue moving upwards to reach the resistance at 0/8 (0.5859). However, this scenario may no longer be valid if the price breaks the support at -2/8 (0.5615) to the downside. After that, the lines in the chart will be redrawn, thus helping us to define new downside targets.
In the M15 chart, the pair may break the upside line of the VoltyChannel indicator and, as a result, continue moving upwards.
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.