Murrey Math Lines 07.02.2023 (AUDUSD, NZDUSD)

By RoboForex.com

AUDUSD, “Australian Dollar vs US Dollar”

On H4, the quotes have broken through the 200-day Moving Average upwards, which indicates possible development of an uptrend. The RSI has broken through the resistance line. Hence, a breakaway of 1/8 (0.6958) upwards should be expected, followed by growth to the resistance level of 2/8 (0.7080). The scenario can be cancelled by a downward breakaway of the support level of 0/8 (0.6958). In this case, the pair may drop to -1/8 (0.6713).

On M15, the upper border of VoltyChannel is broken away. This increases the probability of further price growth.

NZDUSD, “New Zealand Dollar vs US Dollar”

On H4, the quotes are under the 200-day Moving Average, which indicates prevalence of a downtrend. The RSI is testing the resistance line. As a result, a downward breakaway of 3/8 (0.6286) is expected, followed by falling to the support level of 2/8 (0.6225). The scenario can be cancelled by rising over the resistance level of 4/8 (0.6347). In this case, the pair may rise to 5/8 (0.6408).

On M15, falling of the price can be additionally supported by a breakaway of the lower border of VoltyChannel.

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.