Murrey Math Lines 13.02.2024 (AUDUSD, NZDUSD)
AUDUSD, “Australian Dollar vs US Dollar”
AUDUSD quotes are below the 200-day Moving Average on H4, indicating the prevalence of a downtrend. The RSI has rebounded from the resistance line. In this situation, a test of 2/8 (0.6469) is expected, followed by a breakout of this level and a subsequent decline to the support at 1/8 (0.6408). The scenario could be cancelled by rising above the resistance at 3/8 (0.6530), in which case the pair might grow to 4/8 (0.6591).
On M15, the decline could be additionally supported by a breakout of the lower boundary of the VoltyChannel.
NZDUSD, “New Zealand Dollar vs US Dollar”
NZDUSD quotes are below the 200-day Moving Average on H4, revealing the prevalence of a downtrend. The RSI has broken the support line. In this situation, a breakout of the 4/8 (0.6103) level is expected, followed by a decline to the support at 2/8 (0.5981). The scenario could be cancelled by rising above the 5/8 (0.6164) level, which might lead to a trend reversal, making the pair grow to the resistance at 6/8 (0.6225).
On M15, the lower boundary of the VoltyChannel is broken, which increases the probability of a price decline.
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.