Murray Math Lines 08.08.2014 (AUD/USD, EURGBP)
08.08.2014
Analysis for August 08th, 2014
AUD USD, “Australian Dollar vs US Dollar”
Having reversed from daily Supertrend line as well as 3/8 level, AUDUSD has resumed descending impulse and is now trading near «oversold area». Nearest target for sellers is considered to be at -2/8, in case price pulls back from this level, it will restructure all lines.
At H1 chart price was able to hold below 0/8. Additional support to sellers is provided by Supertrend lines. It’s not excluded that within trading current trading day we might see breakout of recent low and break of -2/8.
EUR GBP, “Euro vs Great Britain Pound”
Chart of EURGBP is continuing to consolidate. Before, price failed to hold above 5/8 and market has liquidated sharply. Later, we’ve seen that Supertrend lines have formed «bearish cross». If in short-term perspective price will be able to break 3/8, it will be confirmation for achieving 0/8.
At H1 chart, market was unable to hold within «oversold area». That’s why my trades are conservative – I hold just one short position at a time. I will add another position right after breakout of Supertrend lines.
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