Murray Math Lines 08.05.2014 (AUD/USD, EUR/GBP, SILVER)
08.05.2014
Analysis for May 8th, 2014
AUD USD, “Australian Dollar vs US Dollar”
After rebounding from Super Trends, which formed “bearish cross” earlier, Australian Dollar continued growing up and reached new maximum. Target for the next several days is at the 8/8 level: if price rebounds from it, market will start new correction.
As we can see at H1 chart, pair is moving close to “overbought zone”. Possibly, bulls may break the 8/8 level during the day. If later they break the +2/8 level as well, lines at the chart will be redrawn.
EUR GBP, “Euro vs Great Britain Pound”
Pair is still being corrected. If later price rebounds from H4 Super Trend, pair will start moving upwards again. In this case, later instrument may break the 0/8 level and enter “oversold zone”.
As we can see at H1 chart, despite “bearish cross” formed by Super Trends, price is already moving above the 2/8 level. If later price breaks this level downwards, I’ll increase my short position.
XAG USD, “Silver vs US Dollar”
Yesterday Silver started correction. Market is moving below Super Trends again, but in the future bulls may try to break them upwards. I’ll increase my long position after price breaks the 4/8 level.
The lines at the H4 and H1 charts are completely the same; local correction is supported by Super Trends. If later price breaks them, market may start new ascending movement towards the 8/8 level.
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