Murrey Math Lines 12.09.2023 (AUDUSD, NZDUSD)
AUDUSD, “Australian Dollar vs US Dollar”
AUDUSD quotes are below the 200-day Moving Average on H4, indicating a prevailing downtrend. The RSI has rebounded from the resistance line. In these circumstances, the price is expected to break the 1/8 (0.6408) level down and drop to the support at 0/8 (0.6347). The scenario can be cancelled by a breakout of the 2/8 (0.6469) level. In this case, the quotes could rise to the resistance at 3/8 (0.6530).
On M15, a breakout of the lower line of the VoltyChannel could serve as an additional signal confirming the price decline.
NZDUSD, “New Zealand Dollar vs US Dollar”
NZDUSD quotes are below the 200-day Moving Average, which indicates a prevailing downtrend. The RSI is testing the support level. In this situation, the quotes are expected to rebound from the 1/8 (0.5920) level and fall to the support at 0/8 (0.5859). The scenario can be cancelled by a breakout of the resistance at 1/8 (0.5920). In this case, the pair could rise to 2/8 (0.5981).
On M15, a breakout of the lower line of the VoltyChannel will increase the probability of a price decline.
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