Murrey Math Lines 28.02.2023 (AUDUSD, NZDUSD)

February 28, 2023

AUDUSD, “Australian Dollar vs US Dollar”

On H4, the quotes are under the 200-day Moving Average, which indicates prevalence of a downtrend. The RSI has bounced off the resistance line. A downward breakaway of 2/8 (0.6713) should be expected, followed by falling to the support level of 1/8 (0.6652). The scenario can be cancelled by rising above the resistance level of 3/8 (0.6774), which might entail growth to 4/8 (0.6835).

On M15, a breakaway of the lower border of VoltyChannel will be an extra signal of further falling of the price.

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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 nearing the oversold area. As a result, a test of 0/8 (0.6103) should be expected, followed by a bounce off it and growth of the resistance level to 2/8 (0.6225). The scenario can be cancelled by a downward breakaway of 0/8 (0.6103). In this case, the pair may go on falling and reach the support level of -1/8 (0.6042).

On M15, after the price tests 0/8 (0.6103) on H4, a breakaway of the upper border of VoltyChannel will be an additional signal confirming the growth.

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.

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Murrey Math Lines 28.02.2023 (AUDUSD, NZDUSD)