AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, AUDUSD is trading within the “overbought area”. In this case, the price is expected to test 8/8, break it, and then continue falling to reach the support at 7/8. However, this scenario may no longer be valid if the price breaks the +2/8 to the upside. After that, the lines in the chart will be redrawn, thus helping us to define new upside targets.
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 of NZDUSD, the situation is similar. The asset is also trading inside the “overbought area”. In this case, the price is expected to break 8/8 and continue falling to reach the support at 7/8. However, this scenario may no longer be valid if the price breaks the resistance at +1/8 to the upside. After that, the instrument may reverse and grow towards +2/8.
As we can see in the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue its decline to reach 7/8 from the H4 chart.
Source: Roboforex
