Murrey Math Lines 07.12.2021 (AUDUSD, NZDUSD)

Article By RoboForex.com

AUDUSD, “Australian Dollar vs US Dollar”

In the H4 chart, AUDUSD is trading inside the “oversold area”. In this case, the price is expected to test 0/8, break it, and then grow to reach the resistance at 2/8. However, this scenario may no longer be valid if the price breaks the support at -1/8 to the downside. After that, the instrument may continue falling towards -2/8.

As we can see in the M15 chart, the pair has broken the upside line of the VoltyChannel indicator and, as a result, may continue trading upwards.

NZDUSD, “New Zealand Dollar vs US Dollar”

As we can see in the H4 chart, NZDUSD is also trading within the “oversold area”. In this case, the price is expected to test -1/8, break it, and then continue growing to reach the resistance at 1/8. Since the current trend is descending, this upward movement should be considered as a correction. However, this scenario may no longer be valid if the price breaks the support at -2/8 to the downside. After that, the lines in the chart will be redrawn, thus helping us to define new downside targets.

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

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.