Murrey Math Lines 31.10.2023 (AUDUSD, NZDUSD)

AUDUSD, "Australian Dollar vs US Dollar"

AUDUSD quotes are below the 200-day Moving Average on H4, revealing a prevailing downtrend. The RSI has broken the support line. In this situation, the price is expected to test the 3/8 (0.6378) level, break it, and drop to the support at 2/8 (0.6286). The scenario can be cancelled by rising above 5/8 (0.6378), which could lead to a trend reversal and the pair’s growth to the resistance level at 6/8 (0.6408).

On M15, the lower line of the VoltyChannel is broken, which increases the probability of a price decline.

NZDUSD, “New Zealand Dollar vs US Dollar”

NZDUSD quotes are in the oversold area on H4. The RSI is approaching the support line. In this situation, the quotes are expected to test the -1/8 (0.5798) level, rebound from it, and rise to the resistance at 1/8 (0.5920). The scenario can be cancelled by breaking down the -1/8 (0.5798) level. In this case, the pair could drop to the support at -2/8 (0.5737).

On M15, following a rebound from the -1/8 (0.5798) level, the price rise could be additionally supported by a breakout of the upper line of the VoltyChannel.