Murray Math Lines 03.08.2011 (EUR/JPY, GBP/CHF, GOLD)

Analysis for August 3^rd, 2011

EUR/JPY

The price stopped falling at the 2/8 level. Since this level is quite weak and reverses hardly ever occur here, down-trend may continue after a local correction. The target for bears is the 0/8 level.



At the H1 chart the price is consolidating between the 5/8 – 3/8 levels. There is a possibility that the market may test H4 Super Trend’s line once again. If the price rebounds from this line, it will be able to reach the 0/8 level.

GBP/CHF

The cross is moving inside a strong bearish trend. The correction, which may take place during the next several days, started at the 3/8 level. In the future we can expect down-trend to continue up to the 0/8 level.



The lines at the H1 chart are the same as H4. There is a possibility that the price will consolidate between the 5/8 – 3/8 levels up to the end of this week. The main forecast is still bullish.

GOLD

Gold reached new maximum again and the lines at the H4 chart were redrawn. The correction is delayed, the new target is the 8/8 level, 1750.00. The price may reach it during this week.



At the h1 chart we can see that only one level is left before the price reaches the 8/8 one. After it happens, a slight correction may take place and then the price may continue growing. If the +2/8 level is broken, the lines will be redrawn.