Murrey Math Lines 27.02.2024 (AUDUSD, NZDUSD)
AUDUSD, “Australian Dollar vs US Dollar”
AUDUSD quotes are below the 200-day Moving Average on H4, revealing the prevalence of a downtrend. The RSI has broken the support line. In this situation, a breakout of 2/8 (0.6530) is expected, followed by a price decline to the support at 1/8 (0.6500). The scenario might be cancelled by rising above the resistance at 3/8 (0.6561), which could lead to a trend reversal and make the pair grow to 5/8 (0.6622).
On M15, the lower boundary of the VoltyChannel is broken, which confirms the presence of a downtrend and increases the probability of a further price decline.
NZDUSD, “New Zealand Dollar vs US Dollar”
NZDUSD quotes are above the 200-day Moving Average on H4, which indicates the prevalence of an uptrend. The RSI is testing the support line. In this situation, the quotes are expected to rise above 6/8 (0.6164), subsequently growing to the resistance at 8/8 (0.6225). The scenario could be cancelled by a breakout of 5/8 (0.6103), which might lead to a trend reversal and a price decline to the support at 2/8 (0.6042).
On M15, the price growth could be additionally supported by a breakout of the upper boundary of the VoltyChannel.
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.