Murrey Math Lines 21.05.2024 (AUDUSD, NZDUSD)
AUDUSD, “Australian Dollar vs US Dollar”
AUDUSD quotes are above the 200-day Moving Average on D1, indicating a prevailing uptrend. The RSI is testing the support line. In this situation, the price is expected to rebound from the 5/8 (0.6652) level and rise to the resistance at 7/8 (0.6774). The scenario could be cancelled by a breakout of the 4/8 (0.6591) level. In this case, the quotes might decline to the support at 2/8 (0.6469).
On M15, the price rise might be additionally supported by a breakout of the upper line of the VoltyChannel.
NZDUSD, “New Zealand Dollar vs US Dollar”
NZDUSD quotes have broken above the 200-day Moving Average on D1, indicating the potential development of an uptrend. The RSI has breached the resistance line. In this situation, the price is expected to surpass the 4/8 (0.6103) level and rise to the resistance at 6/8 (0.6225). The scenario could be cancelled by a breakout of the 3/8 (0.6042) level. In this case, the quotes might drop to the support at 1/8 (0.5920).
On M15, a breakout of the upper line of the VoltyChannel will increase the probability of price growth.
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.