AUDUSD quotes are below the 200-day Moving Average on H4, indicating the prevalence of a downtrend. The RSI is testing the resistance line. In this situation, a downward breakout of 4/8 (0.6347) is expected, from where the price might drop to the support at 2/8 (0.6286). The scenario can be cancelled by rising above 5/8 (0.6378). In this case, the quotes might reach the resistance at 7/8 (0.6439).
On M15, the price decline could be additionally supported by a breakout of the lower boundary of the VoltyChannel.
NZDUSD, “New Zealand Dollar vs US Dollar”
NZDUSD quotes are below the 200-day Moving Average on H4, indicating the prevalence of a downtrend. The RSI is approaching the oversold area. As a result, in this situation, a downward breakout of 1/8 (0.5889) is expected, followed by a price decline to the support at 0/8 (0.5859). The scenario can be cancelled by rising above 2/8 (0.5920). In this case, the pair might rise to the resistance at 4/8 (0.5981).
On M15, the lower boundary of the VoltyChannel is broken. This 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.