AUDUSD quotes are under the 200-day Moving Average on H4, revealing the prevalence of a downtrend. The RSI is nearing the resistance line. In this situation, a test of 3/8 (0.6530) is expected, followed by a rebound from it and a decrease to the support at 1/8 (0.6408). The scenario can be cancelled by rising above the level of 3/8 (0.6530). In this case, the quotes could reach the resistance at 4/8 (0.6591).
On M15, after a rebound from 3/8 (0.6530), a further decline can be supported by a breakout of the lower boundary of the VoltyChannel.
NZDUSD, “New Zealand Dollar vs US Dollar”
The NZDUSD chart demonstrates a similar picture. The quotes are under the 200-day Moving Average, indicating the prevalence of a downtrend, and the RSI has exited the oversold area and is approaching the resistance line. In this situation, a test of 3/8 (0.6042) is expected, followed by a rebound from this level and a decline to the support at 1/8 (0.5920). The scenario can be cancelled by rising above the resistance at 3/8 (0.6042). In this case, the pair could rise to 4/8 (0.6103).
On M15, after a rebound from 3/8 (0.6042), a further decline of the pair can be additionally supported by a breakout of the lower boundary of the VoltyChannel.
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.