Murrey Math Lines 11.05.2021 (AUDUSD, NZDUSD)
AUDUSD, “Australian Dollar vs US Dollar”
In the H4 chart, AUDUSD is trading inside the “overbought area”. In this case, the price is expected to break 8/8 and then continue moving downwards to reach the closest support at 7/8. However, this scenario may be canceled if the price breaks +1/8 to the upside. After that, the instrument may reverse and grow towards the resistance at +2/8.
As we can see in the M15 chart, the pair has broken the downside line of the VoltyChannel indicator and, as a result, may continue its decline.
NZDUSD
In the H4 chart, NZDUSD is trading above the 200-day Moving Average to indicate an ascending tendency. In this case, the price is expected to break 7/8 and then continue growing to reach the resistance at 8/8. However, this scenario may no longer be valid if the price breaks 6/8 to the downside. In this case, the instrument may fall towards the support at 5/8.
As we can see in the M15 chart, the upside line of the VoltyChannel indicator is pretty far away from the price, that’s why the pair may resume the ascending tendency only after breaking 7/8 from the H4 chart.
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