08 Feb

Murrey Math Lines 08.02.2022 (AUDUSD, NZDUSD)

February 8, 2022

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 possible descending tendency. In this case, the price is expected to rebound from 5/8 and then resume falling to reach the support at 3/8. However, this scenario may no longer be valid if the price breaks the resistance at 5/8 to the upside. After that, the instrument may reverse and grow towards the next resistance at 7/8.

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

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NZDUSD, “New Zealand Dollar vs US Dollar”

In the H4 chart of NZDUSD, the situation is similar. The asset is trading below the 200-day Moving Average and approaching the resistance at 5/8. In this case, the price is expected to rebound from this level and resume falling to reach the support at 3/8. However, this scenario may no longer be valid if the price breaks the resistance at 5/8 to the upside. After that, the instrument may reverse and grow towards 6/8.

As we can see in the M15 chart, the downside line of the VoltyChannel indicator is pretty far away from the price, that’s why the pair may resume trading downwards only after rebounding from 5/8 in the H4 chart.

Article By RoboForex.com

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Murrey Math Lines 08.02.2022 (AUDUSD, NZDUSD)