Murrey Math Lines 15.08.2023 (AUDUSD, NZDUSD)
AUDUSD, “Australian Dollar vs US Dollar”
AUDUSD quotes are under the 200-day Moving Average on H4, revealing the prevalence of a downtrend. The RSI is nearing the resistance line. In this situation, a test of 3/8 (0.6530) is expected, followed by a rebound from it and a decrease to the support at 1/8 (0.6408). The scenario can be cancelled by rising above the level of 3/8 (0.6530). In this case, the quotes could reach the resistance at 4/8 (0.6591).
On M15, after a rebound from 3/8 (0.6530), a further decline can be supported by a breakout of the lower boundary of the VoltyChannel.
NZDUSD, “New Zealand Dollar vs US Dollar”
The NZDUSD chart demonstrates a similar picture. The quotes are under the 200-day Moving Average, indicating the prevalence of a downtrend, and the RSI has exited the oversold area and is approaching the resistance line. In this situation, a test of 3/8 (0.6042) is expected, followed by a rebound from this level and a decline to the support at 1/8 (0.5920). The scenario can be cancelled by rising above the resistance at 3/8 (0.6042). In this case, the pair could rise to 4/8 (0.6103).
On M15, after a rebound from 3/8 (0.6042), a further decline of the pair can be additionally supported by a breakout of the lower boundary of the VoltyChannel.
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