AUDUSD quotes have broken the 200-day Moving Average on H4 and are currently below it, revealing probable development of a downtrend. However, the RSI has reached the oversold area. As a result, in this situation, a test of 1/8 (0.6500) is expected, followed by a rebound from this level and a price rise to the resistance at 3/8 (0.6561). The scenario could be cancelled by a breakout of the 1/8 (0.6500) level, in which case, the quotes could drop to the support at 0/8 (0.6469).
On M15, after a rebound from 1/8 (0.6500) on H4, the growth could be additionally supported by a breakout of the upper boundary of the VoltyChannel.
NZDUSD, “New Zealand Dollar vs US Dollar”
On the NZDUSD chart, the sutiation is similar. On H4, the quotes have broken the 200-day Moving Average and are below it, indicating the probability of an uptrend development, while the RSI has reached the oversold area. In these circumstances, a test of 2/8 (0.6042) is expected, followed by a rebound from this level and a price rise to the resistance at 4/8 (0.6103). The scenario might be cancelled by a breakout of 2/8 (0.6042), in which case, the quotes could drop to the support at 1/8 (0.6012).
On M15, after a rebound from 2/8 (0.6042) on H4, the growth could be additionally supported by a breakout of the upper 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.