Murrey Math Lines 19.09.2023 (AUDUSD, NZDUSD)
AUDUSD, “Australian Dollar vs US Dollar”
AUDUSD quotes are under the 200-day Moving Average on H4, indicating the prevalence of a downtrend. The RSI has broken the support line. In this situation, a test of the 1/8 (0.6408) level is expected, followed by its breakout and a decline to 0/8 (0.6347). The scenario can be cancelled by rising above 2/8 (0.6469), which might lead to a trend reversal and make the pair rise to the resistance level of 3/8 (0.6530).
On M15, the price decline could be additionally supported by a breakout of the lower boundary of the VoltyChannel.
NZDUSD, “New Zealand Dollar vs US Dollar”
NZDUSD quotes are under the 200-day Moving Average on H4, indicating the prevalence of a downtrend. The RSI has broken the support line. In this situation, a rebound from 1/8 (0.5920) is expected, followed by a decline to the support at 0/8 (0.5859). The scenario can be cancelled by rising above the resistance at 1/8 (0.59820). In this case, the pair might climb to 2/8 (0.5981).
On M15, the lower boundary of the VoltyChannel is too far from the current price, hence, the price decline could be supported by a rebound from 1/8 (0.5920) on H4.
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.