On H4, the quotes are above the 200-day Moving Average, revealing the prevalence of an uptrend. The RSI is testing the support line. In this situation, the price is expected to rise above 7/8 (0.6774) and later reach the resistance level of 8/8 (0.6835). The scenario can be cancelled by a downward breakout of the support at 6/8 (0.6713). In this case, the pair might correct to 5/8 (0.6652).
On M15, the upper line of the VoltyChannel is broken. This indicates the prevalence of an uptrend and increases the probability of further price growth.
NZDUSD, “New Zealand Dollar vs US Dollar”
On H4, the quotes are on the 200-day Moving Average, indicating a possible reversal of the downtrend. Meanwhile, the RSI has formed a divergence that signals a price decline. As a result, we should expect a test of 4/8 (0.6103), a breakout, and a decline to the support at 3/8 (0.6042). The scenario can be cancelled by rising above the resistance level of 5/8 (0.6164), which might lead to growth of the pair to 6/8 (0.6225).
On M15, further falling on H4 could be additionally supported by a breakout of the lower VoltyChannel line.
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.