Murrey Math Lines 20.07.2021 (AUDUSD, NZDUSD)

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AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, AUDUSD has reached the “oversold area”. In this case, the price is expected to rebound from 0/8 and then correct upwards to reach the resistance at 2/8. However, this scenario may be canceled if the price breaks 0/8 to the downside. After that, the instrument may reverse and fall towards the support at -2/8.

In the M15 chart, the upside line of the VoltyChannel indicator is pretty far away from the price, that’s why the pair may resume the ascending tendency only after rebounding from 0/8 from the H4 chart.

NZDUSD, “New Zealand Dollar vs US Dollar”

In the H4 chart, NZDUSD is trading below the 200-day Moving Average to indicate a descending tendency. In this case, the price is expected to break 1/8 and then continue falling to reach the support at 0/8. However, this scenario may no longer be valid if the price breaks 2/8 to the upside. In this case, the instrument may grow towards the resistance at 3/8.

As we can see in the M15 chart, the pair has broken the downside line of the VoltyChannel indicator and, as a result, may continue its decline.

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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.