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Murrey Math Lines 02.09.2016 (EUR/USD, AUD/USD)

Analysis for September 2nd, 2016

EUR USD, “Euro vs US Dollar”

In case of the EUR/USD pair, the correction is becoming deeper as the price is moving between Super Trends. Possibly, during the day the market may test the 4/8 level. If the pair rebounds from this level, it will start a new descending movement.



As we can see at the H1 chart, Super Trends have formed “”bullish cross”, so there is a certain risk that the current correction may yet continue. Consequently, in order to confirm a new decline, the pair has to fix below Super Trends and later they have to form “bearish cross”.




AUD USD, “Australian Dollar vs US Dollar”

In case of the AUD/USD pair, the correction is not so fast in comparison with the Eurodollar, however, the price may test the 4/8 level as well. If the market rebounds from this level and then fixes below the H4 Super Trend, bears will start a new descending movement.



At the H1 chart, the pair is moving in the middle. It’s highly likely that quite soon the price may test the 4/8 level: the future scenario depends on how the price will move at this level. If the pair rebounds quickly to the downside and stays under Super Trends, I’m planning to increase my short position.



 
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