AUDUSD quotes are below the 200-day Moving Average on H4, indicating a prevailing downtrend. The RSI has broken the support line. In this situation, the price is expected to break the 2/8 (0.6408) level downwards and fall to the support at 0/8 (0.6347). The scenario can be cancelled by breaking the resistance level at 3/8 (0.6439), which could drive the price to 4/8 (0.6469).
On M15, the lower boundary of the VoltyChannel is broken. This increases the probability of a further price decline.
NZDUSD, “New Zealand Dollar vs US Dollar”
NZDUSD quotes are at the 200-day Moving Average on H4, which indicates the absence of any trend. The RSI is testing the resistance line. In this situation, the quotes are expected to test the 3/8 (0.5950) level, break it, and drop to the support at 1/8 (0.5889). The scenario can be cancelled by breaking the resistance level at 4/8 (0.5950). In this case, the pair could rise to 6/8 (0.6042).
On M15, the price decline could 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.