Murrey Math Lines 14.12.2021 (AUDUSD, NZDUSD)
AUDUSD, “Australian Dollar vs US Dollar”
In the H4 chart, AUDUSD is approaching the “oversold area” again. In this case, the price is expected to test 0/8, rebound from it, and then grow to reach the resistance at 2/8. However, this scenario may no longer be valid if the price breaks the support at 0/8 to the downside. After that, the instrument may continue falling towards -1/8.
As we can see in the M15 chart, the upside line of the VoltyChannel indicator is pretty far away from the price, that’s why the pair may resume trading upwards only after rebounding from 0/8 in the H4 chart.
NZDUSD, “New Zealand Dollar vs US Dollar”
As we can see in the H4 chart, NZDUSD is trading within the “oversold area”. In this case, the price is expected to test -1/8, break it, and then continue growing to reach the resistance at 1/8. Since the current trend is descending, this upward movement should be considered as a correction. However, this scenario may no longer be valid if the price breaks the support at -2/8 to the downside. After that, the lines in the chart will be redrawn, thus helping us to define new downside targets.
In the M15 chart, the pair may break the upside line of the VoltyChannel indicator and, as a result, continue its growth.
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.