AUDUSD quotes are below the 200-day Moving Average on H4, revealing the prevalence of a downtrend. The RSI is approaching the support line. In this situation, a downward breakout of the 6/8 (0.6408) level could be expected, followed by a decline to the support at 4/8 (0.6347). The scenario can be cancelled by rising above 7/8 (0.6439), which could lead to a trend reversal and make the pair rise to the resistance at 8/8 (0.6469).
On M15, the price decline might be additionally supported by a breakout of the lower boundary of the VoltyChannel.
NZDUSD, “New Zealand Dollar vs US Dollar”
NZDUSD quotes are above the 200-day Moving Average on H4, revealing the prevalence of an uptrend. However, the RSI is nearing the oversold area. As a result, in these circumstances, a downward breakout of the 5/8 (0.6012) level is expected, followed by a decline to the support at 3/8 (0.5950). The scenario can be cancelled by rising above the resistance at 6/8 (0.6042). In this case, the pair might grow to the resistance at 8/8 (0.6103).
On M15, a breakout of the lower boundary of the VoltyChannel might support the 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.