Murrey Math Lines 11.10.2022 (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 is moving within the ”oversold area”. In this case, the pair is expected to test 4/8 (0.6347), break it, and then continue growing towards the resistance at 5/8 (0.6469). However, this scenario may be cancelled if the price breaks the support at 3/8 (0.6225) to the downside. After that, the instrument may move downwards to reach 2/8 (0.6103).

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

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 is approaching the “oversold area”. In this case, the price is expected to test 1/8 (0.5493), rebound from it, and then resume moving upwards to reach the resistance at 3/8 (0.5737). However, this scenario may no longer be valid if the price breaks the support at 1/8 (0.5493) to the downside. After that, the instrument may continue falling towards 0/8 (0.5371).

In the M15 chart, the pair may break the upside line of the VoltyChannel indicator and, as a result, continue moving upwards to reach 3/8 (0.5737).

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.