Murrey Math Lines 05.03.2024 (AUDUSD, NZDUSD)
AUDUSD, “Australian Dollar vs US Dollar”
AUDUSD quotes are below the 200-day Moving Average on H4, revealing the prevalence of a downtrend. The RSI has broken the support line. In this situation, a further decline to the 0/8 (0.6469) is expected, while the scenario could be cancelled by rising above the resistance at 2/8 (0.6530). In this case, the quotes might rise to the 3/8 (0.6561) level.
On M15, the lower boundary of the VoltyChannel is broken, which confirms the prevalence of a downtrend and increases the probability of a further price decline.
NZDUSD, “New Zealand Dollar vs US Dollar”
NZDUSD quotes are below the 200-day Moving Average on H4, which indicates the prevalence of a downtrend. The RSI has rebounded from the resistance line. In these circumstances, a breakout of the 3/8 (0.6073) level is expected, followed by a price decline to the support at 2/8 (0.6042). The scenario could be cancelled by rising above 4/8 (0.6103), in which case, the pair might rise to the resistance at 5/8 (0.6134).
On M15, the price decline could be additionally supported by a breakout of the lower boundary of the 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.