Murrey Math Lines 20.02.2024 (AUDUSD, NZDUSD)
AUDUSD, “Australian Dollar vs US Dollar”
AUDUSD quotes are below the 200-day Moving Average on H4, revealing the prevalence of a downtrend. The RSI has rebounded from the resistance line. In this situation, the pair is expected to drop to the nearest support at 2/8 (0.6469). The scenario could be cancelled by rising above the resistance at 4/8 (0.6591), which could lead to a trend reversal and provoke growth to the 5/8 (0.6652) level.
On M15, a new breakout of the lower boundary of the VoltyChannel could increase the probability of the price decline.
NZDUSD, “New Zealand Dollar vs US Dollar”
NZDUSD quotes have broken the 200-day Moving Average on H4 and are currently above it, indicating the probability of uptrend development. The RSI is testing the support line. In this situation, the quotes are expected to rise above 5/8 (0.6164), later reaching the resistance at 6/8 (0.6225). The scenario could be cancelled by a breakout of the 4/8 (0.6103) level. In this case, the pair might drop to the support at 3/8 (0.6042).
On M15, the price growth could be additionally supported by a breakout of the upper boundary of the 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.