Murrey Math Lines 16.08.2022 (AUDUSD, NZDUSD)
AUDUSD, “Australian Dollar vs US Dollar”
In the H4 chart, after breaking 8/8, AUDUSD is no longer moving within the “overbought area”. In this case, the price is expected to test 6/8, break it, and then continue falling to reach the support at 5/8. However, this scenario may no longer be valid if the price breaks the resistance at 8/8 to the upside. After that, the instrument may reverse and resume growing towards +1/8.
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 moving downwards.
NZDUSD, “New Zealand Dollar vs US Dollar”
In the H4 chart, NZDUSD is trading within the “overbought area”. In this case, the price is expected to break 8/8 and continue moving downwards to reach the support at 7/8. On the other hand, this scenario may no longer be valid if the price breaks the resistance at +1/8 to the upside. After that, the instrument may reverse and resume growing towards +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 to reach 7/8 from the H4 chart.
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