Murray Math Lines 17.01.2013 (EUR/JPY, NZD/USD, SILVER)

Analysis for January 17^th, 2013

EUR/JPY

The price left an “overbought zone” and started a correction. The bears’ first attempt to break the daily Super Trend’s line failed. We can’t exclude a possibility that the pair may try to test the 8/8 level during the next several hours. If the market rebounds from this level, the price will start a new descending movement.



At the H1 chart the pair is supported by the 6/8 level; the market is trying to keep the price below it once again. Most likely, during the day the pair will grow up a little bit, but later may be stopped by the 8/8 level. If the market rebounds from this level, the price may start falling down towards the 4/8 one.

NZD/USD

It looks like New Zealand Dollar is about to complete a classic continuation pattern, “triangle”. Most likely, in the nearest future the price will start moving upwards again. The target for the bulls is at the 8/8 level.



The pair is moving in the lower part of the H1 chart. If the bulls are able to break the Super Trends’ lines backwards and keep the price above them, the pair will continue growing up. The target for the buyers is at the 4/8 level.

SILVER

Silver has finally started moving upwards; the Super Trends’ lines has already formed “bullish cross”. At the moment a local correction is taking place, which is supported by the 4/8 level. If the instrument rebounds from this level, the price will start a new ascending movement towards the 5/8 one.



At the H1 chart the price is moving inside an “overbought”. Most likely, Silver will break a local maximum during the day. After the market breaks the +2/8 level, the lines at the chart will be redrawn.



 
RoboForex Analytical Department