Murrey Math Lines 16.01.2024 (AUDUSD, NZDUSD)

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD has broken the 200-day Moving Average on H4 and rests below it, revealing the prevalence of a downtrend. However, the RSI has reached the oversold area. As a result, in this situation a test of 4/8 (0.6591) is expected, followed by a rebound from this level and a rise to the resistance of 5/8 (0.6652). The scenario could be cancelled by a rebound from the support level of 4/8 (0.6591). In this case, the quotes might continue falling and might drop to the 3/8 (0.6530) level.

On M15, the upper boundary of the VoltyChannel is too far away from the current price, so the growth of the quotes could be additionally supported by a rebound from 4/8 (0.6591) on H4.

NZDUSD, “New Zealand Dollar vs US Dollar”

NZDUSD has broken the 200-day Moving Average on H4 and rests below it, revealing the prevalence of a downtrend. The RSI has broken the support line. In this situation, a further decline to 4/8 (0.6103) is expected. The scenario could be cancelled by rising above the resistance of 6/8 (0.6225). In this case, the pair could rise to the 7/8 (0.6286) level.

On M15, the lower boundary of the VoltyChannel is broken, which increases the probability of a further price decline.