Murrey Math Lines 28.07.2022 (USDCHF, GOLD)

July 28, 2022

USDCHF, “US Dollar vs Swiss Franc”

In the H4 chart, USDCHF is trading below the 200-day Moving Average to indicate a possible descending tendency. In this case, the pair is expected to test 2/8, break it, and then continue falling towards the support at 1/8. However, this scenario may be cancelled if the price breaks the resistance at 3/8 to the upside. After that, the instrument may move upwards to reach 4/8.

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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XAUUSD, “Gold vs US Dollar”

In the H4 chart, XAUUSD is also trading below the 200-day Moving Average, thus indicating a descending tendency. In this case, the price is expected to test 4/8, rebound from it, and then resume moving downwards to reach the support at 3/8. However, this scenario may no longer be valid if the price breaks the resistance at 4/8 to the upside. After that, the instrument may reverse and resume growing to return to 5/8.

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 4/8 in the H4 chart.

Article By RoboForex.com

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Murrey Math Lines 28.07.2022 (USDCHF, GOLD)