AUDUSD quotes have broken the 200-day Moving Average on D1 and are currently below it, which indicates the probability of a downtrend development. The RSI has broken the support line. In this situation, a breakout of 3/8 (0.6530) is expected, followed by a price decline to the support at 1/8 (0.6408). The scenario could be cancelled by a breakout of the 4/8 (0.6591) level, in which case the pair might rise to the resistance at 5/8 (0.6652).
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 D1, revealing the prevalence of a downtrend. However, the RSI has reached the oversold area. As a result, in this situation, a test of 3/8 (0.6042) is expected, followed by a price rise towards the resistance at 4/8 (0.6103). This increase is interpreted as a correction within a downtrend. The scenario could be cancelled by a breakout of 2/8 (0.5981), in which case the quotes might drop to the support at 1/8 (0.5920).
On M15, a breakout of the upper boundary of the VoltyChannel might support a further 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.