Minute (h4) operational scale
What trend will AUD/USD, USD/CAD, and NZD/USD follow in the second half of August? Let's find out the scenarios of AUD/USD, USD/CAD, and NZD/USD from August 18, 2020 according to the 4-hour charts
Australian Dollar vs US Dollar
Starting from 18, 2020 a further move of the AUD/USD currency pair will depend on the price action and a direction of the channel's borders of a Median Line (0.7220 - 0.7203 - 0.7185) of the pitchfork under the Minuette scale.
A breakout of the support level of 0.7160 at the lower border of a Median Line of the pitchfork under the Minuette operational scale will push AUD/USD towards the borders of a Median Line Minute (0.7160 - 0.7125 - 0.7090) with the prospects of reaching the upper border ISL38.2 (0.7010) of the equilibrium zone of the pitchfork under the Minute operational scale.
A breakout of resistance of 0.7220 at the upper border of a Median Line Minuette and a new local high of 0.7244 will open the door for a further uptrend of AUD/USD to the borders of the equilibrium zone (0.7265 - 0.7295 - 0.7320) of the pitchfork under the Minuette operational scale.
US Dollar vs Canadian Dollar
Starting from August 18, 2020 a further scenario of USD/CAD will depend on the price action and a direction of breaking the borders of a Median Line (1.3225 - 1.3245 - 1.3265) of the pitchfork under the Minuette operational scale.
When ISL38.2 Minuette that is support of 1.3225 is broken at the lower border of a Median Line Minuette, the door will be open to a lower local low of 1.3191. So, USD/CAD is expected to reach Shiff Line Minuette (1.3150) and the borders of the equilibrium zone (1.3125 - 1.3095 - 1.3065) of the pitchfork under the Minuette operational scale.
New Zealand Dollar vs US Dollar
From August 18, 2020 NZD/USD will depend on the price action at the borders of the equilibrium zone (0.6545 - 0.6500 - 0.6455) of the pitchfork under the Minute operational scale.
If the lower border ISL61.8 that is support of 0.6455 of the equilibrium zone under the Minute operational scale is breached, NZD/USD could continue its downward move towards RL161.8 Minute (0.6390) as well as to the low of 0.6374.
In case the upper border ISL38.2 that is resistance of 0.6545 of the equilibrium zone under the Minute operational scale is broken, NZD/USD is set to carry on with its move in a Median Line Minuette (0.6545 - 0.6565 - 0.6580) with the prospects for the price to reach the borders of a Median Line Minute (0.6610 - 0.6643 - 0.6670) and the equilibrium zone (0.6620 - 0.6643 - 0.6670) of the pitchfork under the Minuette operational scale.
The review is composed without taking into account the news background, the hours of trading sessions at key financial hubs. This information should not be considered guidelines for placing sell or buy orders, but it is meant for your awareness.
The material has been provided by InstaForex Company - www.instaforex.com