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Murrey Math Lines 24.02.2017 (EUR/USD, AUD/USD)

EUR USD, “Euro vs US Dollar”

The EUR/USD pair rebounded from the 4/8 level and started a new ascending correction. During the day, the market may test the 6/8 level. If the price rebounds from this level, the pair may reverse and resume its decline towards the 2/8 one.

As we can see at the H1 chart, Super Trends formed “bullish cross”. Possibly, in the nearest future the market may test the 4/8 level. If later the pair rebounds from this level, it may start a new descending movement. After the price breaks the -2/8 level, the lines at the chart will be redrawn.

 

AUD USD, “Australian Dollar vs US Dollar”

The AUD/USD pair is slowly approaching the 7/8 level. If the price rebounds from this level, it may resume moving downwards. In this case, the closest target for bears will be at the 4/8 level.

At the H1 chart, the pair rebounded from the 7/8 level, but taking into account the H4 chart structure, the current correction is expected to continue and reach the 8/8 level. To confirm a new decline, the market has to break the 4/8 level and fix below it.

 

RoboForex Analytical Department

 



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Number of comments: 1
  • MELVIN W
    • #

    I agree that on the h1 chart we can see that the trend formed bullish cross, but it's not enough for taking profit.


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