Murrey Math Lines 08.11.2022 (AUDUSD, NZDUSD)
AUDUSD, “Australian Dollar vs US Dollar”
On H4, the quotes have broken through the 200-day Moving Average and are now above it, which hints on possible development of an uptrend. However, the RSI is nearing the overbought area. As a result, we should expect a test of 4/8 (0.6347), a breakaway of it, and a decline to the support level of 3/8 (0.6225). The scenario can be cancelled by rising over the resistance level of 5/8 (0.6469). In this case, the pair might rise to 6/8 (0.6591).
On M15, a breakaway of the lower border of VoltyChannel will increase the probability of price falling to 3/8 (0.6225) on H4.
NZDUSD, “New Zealand Dollar vs US Dollar”
On H4, the quotes are in the overbought area. The RSI have bounced off the resistance line. Currently, we should expect a downwards breakaway of the support level of 8/8 (0.5859) and subsequent falling to 7/8 (0.5737). The scenario can be cancelled by rising over the resistance level of +1/8 (0.5981). This might provoke growth to +2/8 (0.6103).
On M15, an additional signal confirming the decline of the pair will be a breakaway of the lower border of VoltyChannel.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.