Murrey Math Lines 30.01.2024 (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 is testing the resistance line. In this situation, a downward breakout of the 4/8 (0.6591) level is expected, followed by a decline to the support at 3/8 (0.6530). The scenario could be cancelled by rising above the resistance level of 5/8 (0.6652), which could lead to a trend reversal and a rise to 6/8 (0.6713).
On M15, the price decline could additionally be supported by a breakout of the lower boundary of the VoltyChannel.
NZDUSD, “New Zealand Dollar vs US Dollar”
NZDUSD quotes have broken the 0/8 (0.6103) level on H4 and exited the oversold area. The RSI has rebounded from the support line. In this situation, the pair is expected to rise above 2/8 (0.6164) and continue growing to the resistance at 4/8 (0.6225). The scenario could be cancelled by a downward breakout of the 1/8 (0.6134) level, in which case the pair could return to 0/8 (0.6103).
On M15, the upper boundary of the VoltyChannel is broken, which increases the probability of a further price rise.
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.