Murrey Math Lines 07.03.2023 (AUDUSD, NZDUSD)
AUDUSD, “Australian Dollar vs US Dollar”
On H4, the quotes are under the 200-day Moving Average, which reveals prevalence of a downtrend. The RSI has broken through the support line. Further falling to the nearest support level at 1/8 (0.6652) is expected. The scenario can be cancelled by rising above the resistance level of 3/8 (0.6774). In this case, the pair might rise to 4/8 (0.6835).
On M15, the lower line of VoltyChannel is broken away. This confirms the development of a downtrend and increases the probability of further falling.
NZDUSD, “New Zealand Dollar vs US Dollar”
On H4, the quotes are also under the 200-day Moving Average, which indicates prevalence of a downtrend. The RSI is testing the resistance level. A downward breakaway of 1/8 (0.6164) should be expected, followed by a decline to the support level of 0/8 (0.6103). The scenario can be cancelled by rising above 2/8 (0.6225). In this case, the pair might correct to the resistance level of 3/8 (0.6286).
On M15, the lower line of VoltyChannel is broken away, which increases the probability of further falling of the price.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.