Murrey Math Lines 08.08.2023 (AUDUSD, NZDUSD)
AUDUSD, “Australian Dollar vs US Dollar”
AUDUSD quotes are below the 200-day Moving Average on H4, indicating a prevailing downtrend. The RSI has rebounded from the resistance line. In these circumstances, the price is expected to break the 3/8 (0.66530) level down and drop to the support at 2/8 (0.6469). The scenario can be cancelled by a breakout of the resistance at 4/8 (0.6591). In this case, the quotes could rise to 5/8 (0.6652).
On M15, the lower line of the VoltyChannel is broken. This indicates the predominance of a downtrend and increases the probability of a further price decline.
NZDUSD, “New Zealand Dollar vs US Dollar”
The NZDUSD chart shows a similar situation. The quotes are below the 200-day Moving Average, which indicates a prevailing downtrend. The RSI has rebounded from the resistance line. In this situation, the quotes are expected to test the 3/8 (0.6042) level, break it, and fall to the support at 2/8 (0.5981). The scenario can be cancelled by a breakout of the resistance at 4/8 (0.6103). In this case, the pair could rise to 5/8 (0.6164).
On M15, the lower line of the VoltyChannel is broken, which increases the probability of a further price decline.
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