Murray Math Lines 02.10.2012 (CAD/JPY, EUR/GBP, SILVER)

Analysis for October 2^nd, 2012

CAD/JPY

The CAD/JPY currency pair is being corrected, the price has got very close to the 4/8 level. Earlier the Super Trends’ lines formed “bearish cross”. If the market rebounds from the current levels, the price will start falling down towards the 0/8 one.



The market couldn’t keep the price above the 3/8 level. Now the bears have to break the Super Trends’ lines and keep the price below them. We can’t exclude a possibility that the pair may break the -2/8 level during the next several days. In this case, the lines at the chart will be redrawn.

EUR/GBP

The bulls couldn’t break the daily Super Trend’s line, a correction was stopped by the 6/8 level. Now the bears have to break the H4 Super Trend’s line backwards. Later, the pair is expected to continue falling down towards the 0/8 level.



The pair is moving in the middle of the H1 chart. Yesterday the price rebounded from the 4/8 level. If the market keeps the price below he Super Trends’ lines, the pair will start moving downwards. After the price breaks the -2/8 level, the lines at the chart will be redrawn.

SILVER

Silver is still moving inside an “overbought zone”. Yesterday the bulls failed to break the +1/8 level. However, the price may continue growing up after a little while. The target is still at the +2/8 level.



At the H1 chart the bulls are trying to keep the price above the 5/8 level, they are supported by the Super Trends’ lines. If the instrument rebounds from the current levels, the price will continue growing up towards the 8/8 one.