AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, after breaking the 200-day Moving Average, AUDUSD is trading below it to indicate a possible descending tendency. In this case, the price is expected to test 4/8, break it, and then continue falling to reach the support at 3/8. However, this scenario may no longer be valid if the price breaks the resistance at 6/8 to the upside. After that, the instrument may reverse and resume growing towards 7/8.
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue trading downwards.
NZDUSD, “New Zealand Dollar vs US Dollar”
In the H4 chart, NZDUSD is trading below the 200-day Moving Average, thus indicating a descending tendency. In this case, the price is expected to test 6/8, rebound from it, and then resume moving downwards to reach the support at 4/8. On the other hand, this scenario may no longer be valid if the price breaks the resistance at 6/8 to the upside. After that, the instrument may reverse and resume growing towards 7/8.
As we can see in the M15 chart, the downside line of the VoltyChannel indicator is pretty far away from the price, that’s why the pair may resume trading downwards only after rebounding from 6/8 in the H4 chart.
Source: Roboforex
