Murrey Math Lines 06.10.2014 (EUR/USD, AUD/USD)
06.10.2014
Analysis for October 6th, 2014
EUR USD, “Euro vs US Dollar”
Eurodollar continues falling inside “oversold zone”. At the end of the last week, the price rebounded from the 0/8 level, then broke the -1/8 one downwards and stayed below it. The closest target is at the -2/8 level. If the pair breaks it, the lines at the chart will be redrawn.
At the H1 chart, the situation is quite complicated. On one hand, last Friday Super Trends formed “bearish cross”, but the pair wasn’t able to break the 1/8 level and started a correction. However, basing on the strength of the current downtrend, I’m holding my orders. Possibly, the pair may start a new descending moment after rebounding from the 2/8 level.
AUD USD, “Australian Dollar vs US Dollar”
Australian Dollar has been moving inside “oversold zone” for the last several days. I’ve got two sell orders with the stop loss placed above a local high. The closest target is at the -2/8 level. After reaching it, the market may start a correction.
As we can see at H1 chart, Super Trends have formed “bearish cross”. I’m planning to open additional sell orders as soon as the price breaks the 6/8 level downwards. The short-term target is at the 4/8 level: the future scenario depends on how the market will move here.
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