Murrey Math Lines 21.09.2021 (AUDUSD, NZDUSD)
AUDUSD, “Australian Dollar vs US Dollar”
In the H4 chart, AUDUSD is trading below the 200-day Moving Average, thus indicating a descending tendency. In this case, the price is expected to break 3/8 and then continue moving downwards to reach the support at 2/8. However, this scenario may no longer be valid if the price breaks 4/8 to the upside. After that, the instrument may reverse and grow towards the resistance at 5/8.
As we can see in the M15 chart, the downside line of the VoltyChannel indicator is pretty far away from the price, that’s why the pair may resume the descending tendency only after breaking 3/8 from the H4 chart.
NZDUSD, “New Zealand Dollar vs US Dollar”
In the H4 chart, after breaking the 200-day Moving Average, NZDUSD is trading below it, thus indicating a possible descending tendency. In this case, the price is expected to continue falling to reach the closest support at 2/8. However, this scenario may no longer be valid if the price breaks the resistance at 4/8 to the upside. In this case, the instrument may continue growing towards 5/8.
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 trading downwards.
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