On H4, the quotes are above the 200-day Moving Average, indicating the prevalence of an uptrend. The RSI is testing the support line. In these circumstances, the quotes are expected to rise above 7/8 (0.6805) and reach the resistance at 8/8 (0.9835). The scenario can be cancelled by a breakout of the support at 6/8 (0.6774). In this case, the pair could drop to the level of 4/8 (0.6713).
On M15, a new breakout of the upper border of the VoltyChannel indicator will increase the probability of further price growth.
NZDUSD, “New Zealand Dollar vs US Dollar”
On H4, the quotes are in the overbought area. The RSI has formed a divergence on the chart. As a result, a rebound from 1/8 (0.6378) is expected, followed by a decline to the support at 7/8 (0.6317). The scenario can be cancelled by a breakout of the resistance at 1/8 (0.6378). In this case, the pair could keep growing and reach the level of 2/8 (0.6408).
On M15, the lower line of the VoltyChannel is too far away from the current price, hence, the decline can only be indicated by a rebound from 1/8 (0.6378) on H4.
Attention!
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.