AUDUSD quotes are below the 200-day Moving Average on H4, indicating a prevailing downtrend. The RSI has rebounded from the resistance line. In these circumstances, the price is expected to break the 3/8 (0.66530) level down and drop to the support at 2/8 (0.6469). The scenario can be cancelled by a breakout of the resistance at 4/8 (0.6591). In this case, the quotes could rise to 5/8 (0.6652).
On M15, the lower line of the VoltyChannel is broken. This indicates the predominance of a downtrend and increases the probability of a further price decline.
NZDUSD, “New Zealand Dollar vs US Dollar”
The NZDUSD chart shows a similar situation. The quotes are below the 200-day Moving Average, which indicates a prevailing downtrend. The RSI has rebounded from the resistance line. In this situation, the quotes are expected to test the 3/8 (0.6042) level, break it, and fall to the support at 2/8 (0.5981). The scenario can be cancelled by a breakout of the resistance at 4/8 (0.6103). In this case, the pair could rise to 5/8 (0.6164).
On M15, the lower line of the VoltyChannel is broken, which increases the probability of a further price decline.
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.