Murray Math Lines 10.05.2012 (AUD/USD, EUR/JPY, CAD/JPY)

Analysis for May 10^th, 2012

AUD/USD

Australian Dollar is being corrected below the 3/8 level, and it is a signal that the descending may continue. The bears are supported by the H4 Super Trend’s line. In the near term, the price may start falling down again. The target is at the 0/8 level.



The bears couldn’t break the 0/8 level on the first try. If the market can stay below the 2/8 level, the price will continue moving downwards. There is a possibility that the pair may break the 0/8 level and enter an “oversold zone”.

EUR/JPY

A very strong bearish trend continues, currently the pair is being corrected near the 2/8 level. Most likely, the price will start moving upwards in the nearest future. The target for the next several days is at the 0/8 level.



At the H1 chart the price is trying to enter an “oversold zone”, the correction is supported by the Super Trend’s line. There is a possibility that the pair may break the 0/8 level on Thursday. After that we can expect it to break the -2/8 level and the lines at the chart will be redrawn.

CAD/JPY

The CAD/JPY currency pair is being corrected below the H4 Super Trend’s line. It looks like the corrective movement is going to stop in the nearest future. Most likely, the price will reach the 0/8 level within the next several days.



At the H1 chart the correction faced the resistance from the 4/8 level, the bears are trying to rebound from it. If they succeed, we can expect the current down-trend to continue. The short-term target is at the 0/8 level.