Murrey Math Lines 02.04.2024 (AUDUSD, NZDUSD)
AUDUSD, “Australian Dollar vs US Dollar”
AUDUSD quotes are below the 200-day Moving Average on D1, revealing the prevalence of a downtrend. The RSI has broken the support line. In this situation, a breakout of 2/8 (0.6469) is expected, followed by a price decline to the support at 1/8 (0.6408). The scenario might be cancelled by rising above 3/8 (0.6530), in which case the quotes could increase to the resistance at 4/8 (0.6591).
On M15, the lower boundary of the VoltyChannel is broken, which increases the probability of a further price decrease.
NZDUSD, “New Zealand Dollar vs US Dollar”
NZDUSD quotes are below the 200-day Moving Average on D1, revealing the prevalence of a downtrend. However, the RSI has reached the oversold area. As a result, in this situation, a test of 1/8 (0.5920) is expected, followed by a rebound from this level and a price rise to the resistance at 2/8 (0.5981). This growth is interpreted as a correction of a downtrend. The scenario might be cancelled by a breakout of 1/8 (0.5920), in which case, the quotes could drop to the support at 0/8 (0.5859).
On M15, after a rebound from 1/8 (0.5920) on D1, a breakout of the upper boundary of the VoltyChannel could increase the probability of a price rise.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.