On H4, the quotes of the pair and the RSI are nearing the oversold area. Currently, we should expect a test of 0/8 (0.9765), a bounce off it, and growth to the resistance level of 2/8 (1.0009). The scenario can be cancelled by a downward breakaway of the support level of 0/8 (1.0009). In this case, the pair will continue falling, and the quotes may drop to -1/8 (0.9643).
On M15, growth can be additionally confirmed by a breakaway of the upper line of VoltyChannel.
XAUUSD, “Gold vs US Dollar”
On H4, the quotes are above the 200-day Moving Average, which indicates the prevalence of an uptrend. However, the RSI has already reached the overbought area, signaling a possible correction. As a result, we should expect a breakaway of the support level of 5/8 (1703.12) downwards and subsequent falling to 3/8 (1671.88). The scenario can be cancelled by an upwards breakaway of the resistance level of 6/8 (1718.75). This might lead to further growth of the quotes to 7/8 (1734.38).
On M15, a breakaway of the lower lone of VoltyChannel will increase the probability of price falling to 3/8 (1671.88) on H4.
