AUDUSD quotes are below the 200-day Moving Average on H4, indicating the prevalence of a downtrend. The RSI is testing the resistance area. In this situation, a downward breakout of the 4/8 (0.6591) level is expected, followed by a price decline to the support at 2/8 (0.6469). The scenario could be cancelled by rising above the resistance at 5/8 (0.6652), which could lead to a trend reversal and a price rise to 6/8 (0.6713).
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 are in the oversold area on H4. The RSI has broken the resistance line. In this situation, the quotes are expected to rise above 0/8 (0.6103) and subsequently reach the resistance at 3/8 (0.6195). The scenario could be cancelled by a downward breakout of the support at -1/8 (0.6073), in which case the pair might drop to the -2/8 (0.6042) level.
On M15, a breakout of the upper boundary of the VoltyChannel could increase the probability of the price rise.
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.