Murrey Math Lines 29.08.2023 (AUDUSD, NZDUSD)
AUDUSD, “Australian Dollar vs US Dollar”
AUDUSD quotes are under the 200-day Moving Average on H4, indicating the prevalence of a downtrend. The RSI is nearing the resistance line. In this situation, a test of 2/8 (0.6469) is expected, followed by a rebound from this level and a decline to the support at 0/8 (0.6347). The scenario can be cancelled by rising above the 2/8 (0.6469) mark. In this case, the quotes could reach the resistance at 3/8 (0.6530).
On M15, after a rebound from the 2/8 (0.6469) level, the price decline could be additionally supported by a breakout of the lower boundary of the VoltyChannel.
NZDUSD, “New Zealand Dollar vs US Dollar”
On the NZDUSD chart, the situation is similar. The quotes are under the 200-day Moving Average on H4, indicating the prevalence of a downtrend, and the RSI is testing the resistance level. In this situation, a rebound from 1/8 (0.5920) is expected, followed by a decline to the support at 0/8 (0.5859). The scenario can be cancelled by rising above the resistance at 1/8 (0.5920). In this case, the pair could rise to 2/8 (0.5981).
On M15, the lower boundary of the VoltyChannel is too far from the current price, hence, a signal for the price decline could only be a rebound from 1/8 (0.5920) on H4.
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