Murrey Math Lines 23.05.2023 (AUDUSD, NZDUSD)
AUDUSD, “Australian Dollar vs US Dollar”
On H4, the quotes are under the 200-day Moving Average, representing the prevalence of a downtrend. The RSI has rebounded from the resistance line. In this situation, a downward breakout of 1/8 (0.6622) is expected, followed by a decline to the support level of 0/8 (0.6591). The scenario can be cancelled by rising above the resistance at 3/8 (0.6683), which could lead to a trend reversal and make the pair rise to 5/8 (0.6744).
On M15, a further decline in AUDUSD quotes could be supported by a breakout of the lower border of the VoltyChannel.
NZDUSD, “New Zealand Dollar vs US Dollar”
On H4, the quotes have broken the 200-day Moving Average out and are now above it, indicating possible development of an uptrend. The RSI is testing the support line. As a result, the pair is expected to rise above 6/8 (0.6286) and reach the resistance level of 8/8 (0.6347). The scenario can be cancelled by a downward breakout of the support level of 5/8 (0.6256). In this case, the pair could drop to 4/8 (0.6225).
On M15, the upper border of the VoltyChannel is broken. This enhances the probability of a further price increase on H4.
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.