Murrey Math Lines 05.09.2023 (AUDUSD, NZDUSD)
AUDUSD, “Australian Dollar vs US Dollar”
AUDUSD quotes are below the 200-day Moving Average on H4, revealing the prevalence of a downtrend. The RSI has broken the support line. In this situation, a downward breakout of 1/8 (0.6408) is expected, followed by a decline to the support level of 0/8 (0.6347). The scenario can be cancelled by the price rising above 2/8 (0.6469), in which case the the quotes might reach the resistance level of 3/8 (0.6530).
On M15, the lower boundary of the VoltyChannel is broken, which indicates the prevalence of a downtrend and a high probability of a further price drop.
NZDUSD, “New Zealand Dollar vs US Dollar”
On the NZDUSD chart, the situation is similar. The quotes are under the 200-day Moving Average, revealing the prevalence of a downtrend, and the RSI is testing the support line. In these circumstances, the price is expected to drop to 0/8 (0.5859). The scenario can be cancelled by the quotes rising above the resistance at 2/8 (0.5981). In this case, the pair could grow to 3/8 (0.6042).
On M15, the lower boundary of the VoltyChannel is broken, increasing the probability of a further price decline.
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