Murrey Math Lines 12.04.2023 (USDJPY, USDCAD)
USDJPY, “US Dollar vs Japanese Yen”
On H4, the quotes have broken the 200-day Moving Average and are now above it, which indicates possible development of an uptrend. The RSI has rebounded from the support line. In these circumstances, the quotes are expected to break 6/8 (134.37) and rise to the resistance at 7/8 (135.93). The scenario can be canceled by a downward breakout of the support at 5/8 (132.81). In this case, the pair could drop to 4/8 (131.25).
On M15, the upper line of the VoltyChannel indicator is broken. This increases the probability of further price growth.
USDCAD, “US Dollar vs Canadian Dollar”
On H4, USDCAD quotes and the RSI are approaching the oversold area. In this case, a test of 0/8 (1.3427) is expected, followed by a rebound from it and growth to the resistance at 2/8 (1.3549). The scenario can be canceled by a downward breakout of 0/8 (1.3427). In this case, the pair may drop to the support at -1/8 (1.3366).
On M15, after a rebound from 0/8 (1.3427), price growth can be additionally supported by a breakout of the upper border of VoltyChannel.
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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