Murrey Math Lines 04.07.2023 (AUDUSD, NZDUSD)

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD quotes are under the 200-day Moving Average on H4, indicating the prevalence of a downtrend. The RSI has rebounded from the resistance line. In these circumstances, a test of 4/8 (0.6591) is expected, followed by a breakout and a decline to the support at 3/8 (0.6530). The scenario can be cancelled by rising above the resistance at 6/8 (0.6713), which could lead to a trend reversal and a rise to 7/8 (0.6774).

On M15, a breakout of the lower line of the VoltyChannel will increase the probability of a further price decline.

NZDUSD, “New Zealand Dollar vs US Dollar”

NZDUSD demonstrates a similar picture on H4. The quotes are under the 200-day Moving Average, revealing the prevalence of a downtrend. and the RSI has rebounded from the resistance line. In this situation, a test of 4/8 (0.6103) is expected, followed by a breakout of the level and a drop to the support level of 3/8 (0.6042). The scenario can be cancelled by rising above the resistance at 5/8 (0.6164), which might lead to a trend reversal and growth to the resistance at 6/8 (0.6225).

On M15, a further decline could be supported by a breakout of the lower line of the VoltyChannel.