Murray Math Lines 16.05.2012 (USD/CAD, AUD/USD, EUR/JPY)

Analysis for May 16^th, 2012

USD/CAD

Canadian Dollar was able to stay below the 5/8 level, thus indicating that the price may continue growing up towards the 8/8 one. That’s why I’ve decided to open a short-term buy order today. In the near term, we can expect a slight correction, but then the price may start moving upwards again.



At the H1 chart the market has already reached the 8/8 level. However, taking into consideration the situation on major time frames, we can expect the price to break this level and continue growing up. We can’t exclude a possibility that the pair may break the +2/8 level within the next couple of days and the lines at the chart will be redrawn.

AUD/USD

Australian Dollar continues moving downwards, the bears are supported by the H4 Super Trend’s line. The price is just one level away from the target level, the 0/8 one, the pair may reach it within the next several days.



The lines at the H1 and the H4 charts are completely the same. The correction started from the 1/8 level, but it won’t take much time. Most likely, in the nearest future the price will start falling down again.

EUR/JPY

The EUR/JPY currency pair continues falling down steadily, this movement is supported by the Super Trend’s line. In the near term, we can expect the descending trend to continue towards the 0/8 level. Today I’ve opened one more sell order.



At the H1 chart the pair is trying to stay below the 3/8 level. If the bears succeed in doing it, the price will continue falling down towards the 0/8 level. The stops on my orders are placed at the level where the first order was opened.