AUDUSD has broken the 200-day Moving Average on H4 and rests below it, revealing the prevalence of a downtrend. However, the RSI has reached the oversold area. As a result, in this situation a test of 4/8 (0.6591) is expected, followed by a rebound from this level and a rise to the resistance of 5/8 (0.6652). The scenario could be cancelled by a rebound from the support level of 4/8 (0.6591). In this case, the quotes might continue falling and might drop to the 3/8 (0.6530) level.
On M15, the upper boundary of the VoltyChannel is too far away from the current price, so the growth of the quotes could be additionally supported by a rebound from 4/8 (0.6591) on H4.
NZDUSD, “New Zealand Dollar vs US Dollar”
NZDUSD has broken the 200-day Moving Average on H4 and rests below it, revealing the prevalence of a downtrend. The RSI has broken the support line. In this situation, a further decline to 4/8 (0.6103) is expected. The scenario could be cancelled by rising above the resistance of 6/8 (0.6225). In this case, the pair could rise to the 7/8 (0.6286) level.
On M15, the lower boundary 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.