Murrey Math Lines 28.11.2023 (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, the RSI has reached the overbought area. As a result, a test of 5/8 (0.6652) is expected, followed by a rebound from this level and a decline to the support at 3/8 (0.6530). The scenario could be cancelled by rising above 5/8 (0.6652), in which case the pair might continue rising and reach the resistance level of 6/8 (0.6713).
On M15, after a rebound from 5/8 (0.6652), 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 above the 200-day Moving Average on H4, which reveals the prevalence of an uptrend. However, a divergence has formed on the RSI. In this situation, a rebound from 4/8 (0.6103) is expected, followed by a decline to the support level of 2/8 (0.5981). The scenario could 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 might increase the probability of a 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.