Murrey Math Lines 16.11.2021 (AUDUSD, NZDUSD)

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AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, AUDUSD is trading below the 200-day Moving Average, thus indicating a descending tendency. In this case, the price is expected to test 4/8, break it, and then continue falling to reach the support at 3/8. However, this scenario may no longer be valid if the price breaks 5/8 to the upside. After that, the instrument may reverse and grow towards the resistance at 6/8.

In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue trading downwards.

NZDUSD, “New Zealand Dollar vs US Dollar”

As we can see in the H4 chart, NZDUSD is also trading below the 200-day Moving Average, thus indicating a descending tendency. In this case, the price is expected to break 3/8 and continue falling to reach the support at 2/8. However, this scenario may no longer be valid if the price breaks 4/8 to the upside. In this case, the instrument may grow towards the resistance at 5/8.

In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue its decline.

Article By RoboForex.com

Attention!
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.