Murrey Math Lines 01.08.2023 (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 is testing the support line. In these circumstances, a downward breakout of the 5/8 (0.6652) level is expected, followed by a decline to the support level at 4/8 (0.6591). The scenario can be cancelled by a breakout of the resistance at 6/8 (0.6713). In this case, the quotes could rise to 7/8 (0.6774).
On M15, the lower line of the VoltyChannel is broken, which indicates a prevailing downtrend and increases the probability of a further price drop.
NZDUSD, “New Zealand Dollar vs US Dollar”
NZDUSD quotes have broken the 200-day Moving Average on H4 and are now hovering below it, which indicates a potential downtrend. The RSI has rebounded from the resistance line. In this situation, a downward breakout of the 5/8 (0.6164) level is expected, followed by a decline to the support at 4/8 (0.6103). The scenario can be cancelled by a breakout of the resistance at 6/8 (0.6225). In this case, the pair could rise to 7/8 (0.6286).
On M15, the price fall might be additionally supported by a breakout of the lower boundary of the VoltyChannel.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
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