Murrey Math Lines 16.05.2023 (AUDUSD, NZDUSD)
AUDUSD, “Australian Dollar vs US Dollar”
On H4, the quotes are under the 200-day Moving Average, revealing the prevalence of a downtrend. The RSI has rebounded from the resistance line. In this situation, a downward breakout of 3/8 (0.6683) is expected, followed by a decline to the support level of 1/8 (0.6622). The scenario can be cancelled by rising above the resistance at 4/8 (0.6713), which might lead to a trend reversal and growth of the pair to 6/8 (0.6774).
On M15, a further decline in the price could be confirmed by a breakout of the lower border of the VoltyChannel.
NZDUSD, “New Zealand Dollar vs US Dollar”
On H4, the quotes have broken the 200-day Moving Average and now rest above it, indicating possible development of an uptrend. The RSI is nearing the resistance line. As a result, the price could rise above 5/8 (0.6256) and reach the resistance at 7/8 (0.6317). The scenario can be cancelled by a downward breakout of the support at 4/8 (0.6225). In this case, the pair might drop to 2/8 (0.6164).
On M15, the upper line of the VoltyChannel is broken. This increases the probability of further price growth.
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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