Murrey Math Lines 21.11.2023 (AUDUSD, NZDUSD)
AUDUSD, “Australian Dollar vs US Dollar”
AUDUSD quotes are above the 200-day Moving Average on H4, which indicates the prevalence of an uptrend. However, a divergence has formed on the RSI. As a result, a test of 4/8 (0.6591) is expected, followed by a rebound from this level and a decline to the support at 2/8 (0.6469). The scenario could be cancelled by rising above 4/8 (0.6591). In this case, the pair might continue rising and reach the resistance at 5/8 (0.6652).
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”
On the NZDUSD chart, the situation is similar. The pair quotes are above the 200-day Moving Average, which reveals the prevalence of an uptrend, and a divergence has formed on the RSI chart. n this situation, a breakout of the 3/8 (0.6042) level is expected, followed by a decline to the support at 1/8 (0.5920). The scenario can be cancelled by rising above the 4/8 (0.6103) level. In this case, the pair might reach the resistance at 5/8 (0.6164).
On M15, a breakout of the lower boundary of the VoltyChannel could increase the probability of the 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.