Murrey Math Lines 29.11.2022 (AUDUSD, NZDUSD)
AUDUSD, “Australian Dollar vs US Dollar”
On H4, the quotes are above the 200-day Moving Average, which indicates the prevalence of an uptrend. The RSI has bounced off the support line. The quotes are expected to rise above 7/8 (0.6713) and then reach the resistance level of 8/8 (0.6835). The scenario can be cancelled by a downward breakaway of the support level of 6/8 (0.6591), which might entail a trend reversal and falling to 5/8 (0.6469).
On M15, a breakaway of the upper border of VoltyChannel will increase the probability of price growth to 8/8 (0.6835) on H4.
NZDUSD, “New Zealand Dollar vs US Dollar”
The situation with the NZDUSD is similar. On H4, the quotes are above the 200-day Moving Average, which indicates the prevalence of an uptrend, and the RSI has bounced off the support line. All in all, an upwards breakaway of 7/8 (0.6225) is expected, followed by growth to the resistance level of 8/8 (0.6347). The scenario can be cancelled by a downward breakaway of the support level of 6/8 (0.6103), which will signal falling to 5/8 (0.5981).
On M15, an additional signal confirming price growth will be a breakaway of the upper border of VoltyChannel.
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.