Murray Math Lines 11.05.2012 (NZD/USD, EUR/GBP, GBP/JPY)

Analysis for May 11^th, 2012

NZD/USD

After rebounding from the H4 Super Trend, New Zealand Dollar is trying to break the 0/8 level, which has already been tested on all major time frames. The price may continue falling down towards the -2/8 level. If the price breaks this level, the lines at the chart will be redrawn.



The lines at the H1 and the H4 charts are completely the same. The Super Trend’s line turned out to be too strong for the bulls to break it. If the bears can fix the price below the 0/8 level, the descending trend will continue.

EUR/GBP

The EUR/GBP currency pair is moving downwards below the 4/8 level, and this movement is supported by the H4 Super Trend. Most likely, in the nearest future the price will break the 3/8 level, and the descending trend will continue towards the 0/8 one.



At the H1 chart the market is moving below the 3/8 level. Currently the local correction is taking place, which may be finished today. The target for the bears for the next several days is the 0/8 level.

GBP/JPY

The GBP/JPY currency pair couldn’t stay above the H4 Super Trend’s line for a long time. There is a possibility that the price may enter an “oversold zone” on Friday. Most likely, in the nearest future the pair will break the -2/8 level and the lines at the chart will be redrawn.



At the H1 chart the correction faced the resistance from the 3/8 level. The market is just several tens of pips away from the 0/8 level, and this level is likely to be broken soon. The forecast of the price movement is still bearish. After the pair breaks the local minimum, I’ll move the stop on my sell order into the black.