Murrey Math Lines 25.07.2023 (AUDUSD, NZDUSD)
AUDUSD, “Australian Dollar vs US Dollar”
AUDUSD quotes are above the 200-day Moving Average on H4, indicating the prevalence of an uptrend. The RSI has broken the resistance line. In these circumstances, the quotes are expected to break the 7/8 (0.6774) level, reaching the resistance at 8/8 (0.6835). The scenario can be cancelled by a downward breakout of 6/8 (0.6713), which might lead to a trend reversal and a decline to the support at 5/8 (0.6652).
On M15, the upper line of the VoltyChannel is broken. This indicates the predominance of an uptrend and increases the probability of a further rise.
NZDUSD, “New Zealand Dollar vs US Dollar”
NZDUSD quotes have broken the 200-day Moving Average on H4 and are now hovering above it, which indicates probable development of an uptrend. The RSI has broken the resistance line. In this situation, the quotes are expected to surpass the 6/8 (0.6225) level and reach the resistance at 7/8 (0.6286). The scenario can be cancelled by a downward breakout of the support at 5/8 (0.6164). In this case, the pair might drop to 4/8 (0.6103).
On M15, the upper line of the VoltyChannel is broken, increasing the probability of a further price rise.
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