Murrey Math Lines 04.10.2022 (AUDUSD, NZDUSD)

Article By RoboForex.com

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, AUDUSD is trading below the 200-day Moving Average to indicate a possible descending tendency. The Relative Strength Index has rebounded from the resistance line. In this case, the pair is expected to break 1/8 (0.6469) and then continue falling towards the support at 0/8 (0.6347). However, this scenario may be cancelled if the price breaks the resistance at 2/8 (0.6591) to the upside. After that, the instrument may move upwards to reach 3/8 (0.6714).

In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue its decline towards 0/8 (0.6347) from the H4 chart.

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. The Relative Strength Index has rebounded from the resistance area. In this case, the price is expected to test 2/8 (0.5615), break it, and then continue moving downwards to reach the support at 1/8 (0.5493). However, this scenario may no longer be valid if the price breaks the resistance at 3/8 (0.5737) to the upside. After that, the instrument may resume growing towards 4/8 (0.5859).

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

Article By RoboForex.com

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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.