Murrey Math Lines 08.05.2024 (AUDUSD, NZDUSD)
AUDUSD, “Australian Dollar vs US Dollar”
AUDUSD quotes have broken above the 200-day Moving Average on D1, indicating the potential development of an uptrend. The RSI is approaching the support line. In this situation, the price is expected to surpass the 4/8 (0.6591) level and rise to the resistance at 6/8 (0.6713). The scenario could be cancelled by a breakout of the 3/8 (0.6530) level. In this case, the quotes might retrace to the support at 2/8 (0.6469).
On M15, a breakout of the upper line of the VoltyChannel will increase the probability of price growth.
NZDUSD, “New Zealand Dollar vs US Dollar”
NZDUSD quotes are below the 200-day Moving Average on D1, indicating a prevailing downtrend. The RSI is testing from the resistance line. In this situation, the price is expected to break below the 2/8 (0.5981) level and maintain its downward trajectory to the support at 0/8 (0.5859). The scenario could be cancelled if the price surpasses the 3/8 (0.6042) level. In this case, the quotes might reach the resistance at 4/8 (0.6103).
On M15, the lower line of the VoltyChannel is broken, which increases the probability of a price decline.
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.