Murrey Math Lines 10.03.2021 (USDJPY, USDCAD)
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, USDJPY is approaching the “overbought area”. In this case, the price is expected to test 8/8, rebound from it, and then resume falling towards the support at 6/8. 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 continue trading upwards to reach +1/8.
In the M15 chart, the pair may test 8/8 from the H4 chart, break the downside line of the VoltyChannel indicator, and then, as a result, continue moving downwards.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, USDCAD is consolidating between 3/8 and 5/8. In this case, the price is expected to break 4/8 and then continue growing towards the resistance at 5/8. Still, this scenario may no longer be valid if the price breaks 3/8 to the downside. After that, the instrument may correct to reach the closest support at 2/8.
In the M15 chart, the pair may break the upside line of the VoltyChannel indicator again and, as a result, continue trading upwards.
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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