Murrey Math Lines 10.09.2014 (EUR/USD, NZD/USD)
10.09.2014
Analysis for September 10th, 2014
EUR USD, “Euro vs US Dollar”
After rebounding from the -1/8 level, Eurodollar started a correction. If the market is unable to stay above the 0/8 level, it will be a signal to start falling again. The closest target is at the -2/8 level: if the price breaks it, the lines at the chart will be redrawn.
As we can see at the H1 chart, the price has rebounded from the 3/8 level and started a correction. If the price is unable to stay above the 4/8 level during the next several hours, it may be a signal for a new descending movement. Otherwise, the market may test the 5/8 level.
NZD USD, “New Zealand Dollar vs US Dollar”
New Zealand Dollar is falling steadily inside “oversold zone”. The pair has been able to break the -1/8 level and stay below it, which means that the market may break the -2/8 one quite soon. If the latter level is broken, the lines at the chart will be redrawn. I’m planning to increase my short position during a correction.
At the H1 chart, a rebound from the 1/8 level may start a new correction. If the price is unable to break the 2/8 level and Super Trends provides support, the market may resume falling towards the 0/8 level.
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