Murray Math Lines 01.09.2011 (USD/CAD, NZD/JPY, GOLD)

Analysis for September 1^st, 2011

USD/CAD

Bears tried to break the 8/8 level and the daily Super Trend several times, but failed to do it and the market rebounded from these levels each time. Most likely, bears will try to break the level during the next several days. After they fail, up-trend will continue.



At the H1 chart the price rebounded from the -1/8 level. The market went back above the 0/8 level, thus indicating that this level is very important. We can expect the price to grow to the 2/8 level during the day. If the 2/8 level is broken, the price will move to the text target, the 4/8 level.

NZD/JPY

The price has reached the 4/8 level during the correction. If the market rebounds from this level, the price will start the descending movement to the -2/8 level. In the future, the lines may be redrawn.



At the H1 chart the market is trying to rebound from the 8/8 level. If it succeeds, the price will be able to move downwards to the 4/8 level at least. The formation of “Bearish Cross” by Super Trends will only be in favor of this scenario.

GOLD

In case of GOLD, the correction started after a prolonged bullish trend. The price is steady at the daily Super Trend’s line. If the market rebounds from the line, the price may move to the 0/8 level.



At the H1 chart the price hasn’t been able to break the 3/8 level and fix itself above it yet. Such situation at the market may be a sign of the continuation of the descending correction. After the price breaks the -2/8 level the lines will be redrawn.