The H4 quotes broke through the 200-day Moving Average, and are now higher than it. This suggests that there may be an uptrend. The support level is being tested by the RSI. We can expect an upward breakout of 6/8 (84.38), followed growth to the resistance level 8/8 (87.50). This scenario could be canceled by a downtrend at the support level of 5/8 (82.81). The pair could then return to 4/8 (81.25).
On M15 the upper line for VoltyChannel has been broken away. This increases the chance of further price growth.
H4 shows that the quotes are below 200-day Moving Average. This is a sign of a downtrend. The resistance line was pushed aside by the RSI. Expect a test of 1/8 (3945.33), then a breakaway to fall to the support level at 0/8 (3966.22). You can cancel the scenario by climbing above 2/8 (3984.4). The index might rise to 3/8 (4023.4).
The decline in M15 can be further confirmed by the breakaway of VoltyChannel at its lower border.
Article by RoboForex.com
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as…