Murrey Math Lines 06.02.2024 (AUDUSD, NZDUSD)
AUDUSD, “Australian Dollar vs US Dollar”
AUDUSD quotes are below the 200-day Moving Average on H4, which reveals the prevalence of a downtrend. However, the RSI has formed a convergence, which is a signal for a possible price rise. As a result, the quotes should be expected to rise above 3/8 (0.6530), subsequently reaching the resistance at 4/8 (0.6591). The scenario could be cancelled by a downward breakout of the support at 2/8 (0.6469). In this case, the quotes might continue falling to the 1/8 (0.6408) level.
On M15, the upper boundary of the VoltyChannel is broken, which increases the probability of a price rise.
NZDUSD, “New Zealand Dollar vs US Dollar”
NZDUSD quotes are below the 200-day Moving Average on H4, which reveals the prevalence of a downtrend. The RSI is nearing the resistance line. In this situation, a test of 4/8 (0.6103) is expected, followed by a rebound from this level and a decline to the support at 2/8 (0.5981). The scenario could be cancelled by rising above the 4/8 (0.6103) level, in which case the quotes might rise to the resistance at 5/8 (0.6164).
On M15, after a rebound from 4/8 (0.6103) on H4, the price decline could be additionally supported by a breakout of the lower boundary of the VoltyChannel.
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.