Murrey Math Lines 21.02.2023 (AUDUSD, NZDUSD)
AUDUSD, “Australian Dollar vs US Dollar”
On H4, the quotes are under the 200-day Moving Average, revealing prevalence of a downtrend. The RSI has bounced off the resistance line. Now, a downward breakaway of 5/8 (0.6897) is to be expected, followed by falling to the support level of 4/8 (0.6835). The scenario can be cancelled by rising over the resistance level of 6/8 (0.6958), which may lead to a trend reversal and growth to the pair to 7/8 (0.7019).
On M15, an extra signal confirming the decline can be given by a breakaway of the lower border of VoltyChannel.
NZDUSD, “New Zealand Dollar vs US Dollar”
On H4, the quotes are under the 200-day Moving Average, indicating prevalence of a downtrend. The RSI has bounced off the resistance line. A test of 2/8 (0.6225) is to be expected, followed by a breakaway and falling to the support level of 1/8 (0.6164). The scenario can be cancelled by rising above the resistance level of 3/8 (0.6286). In this case, the pair may correct to 4/8 (0.6347).
On M15, a breakaway of the lower border of VoltyChannel will increase the probability of further decline.
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