Murrey Math Lines 07.10.2014 (EUR/USD, AUD/JPY)
07.10.2014
Analysis for October 7th, 2014
EUR USD, “Euro vs US Dollar”
Eurodollar is still being corrected. Most likely, the pair may test the 0/8 level during Tuesday. If it rebounds from this level, the market is expected to resume falling towards the -2/8 one.
As we can see at the H1 chart, a fast ascending movement of the price has resulted in “bullish cross” formed by Super Trends. Most likely, the next step for bulls is to test the 8/8 level. If the pair rebounds from this level, it will be a signal that a local correction is over.
AUD JPY, “Australian Dollar vs Japanese Yen”
The pair has already been consolidating below the H4 Super Trends for several days. In the future, the price may resume falling to break the -2/8 level. In this case, the lines at the chart will be redrawn.
At H1 chart, the pair is moving in the middle; Super Trends are still influenced by “bearish cross”. After the price breaks the 3/8 level downwards, the market will continue falling towards the 0/8 one..
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