Murrey Math Lines 05.12.2023 (AUDUSD, NZDUSD)
AUDUSD, “Australian Dollar vs US Dollar”
AUDUSD quotes are above the 200-day Moving Average on H4, which reveals the prevalence of an uptrend. The RSI is approaching the oversold area. In this situation, a test of 3/8 (0.6530) is expected, followed by a rebound from this level and a rise to the resistance at 5/8 (0.6652). The scenario could be cancelled by a downward breakout of 3/8 (0.6530). In this case, the pair might drop to the support level of 2/8 (0.6469).
On M15, after a rebound from 3/8 (0.6530), a breakout of the upper boundary of the VoltyChannel might increase the probability of a price rise.
NZDUSD, “New Zealand Dollar vs US Dollar”
NZDUSD quotes are above the 200-day Moving Average on H4, which reveals the prevalence of an uptrend. The RSI is approaching the support line. A test of 4/8 (0.6103) is expected, followed by a rebound from this level and a rise to the resistance at 6/8 (0.6225). The scenario could be cancelled by a downward breakout of 4/8 (0.6103). In this case, the pair might drop to the support at 3/8 (0.6042).
On M15, after a rebound from 4/8 (0.6103), the price growth could be additionally supported by a breakout of the upper 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.