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 1/8 (0.5920) is expected, followed by a rebound from this level and a price rise to the resistance at 2/8 (0.5981). This growth is interpreted as a correction of a downtrend. The scenario might be cancelled by a breakout of 1/8 (0.5920), in which case, the quotes could drop to the support at 0/8 (0.5859).
On M15, after a rebound from 1/8 (0.5920) on D1, a breakout of the upper boundary of the VoltyChannel could increase the probability of a price rise.
Origin: RoboForex
