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Murrey Math Lines 07.05.2015 (EUR/USD, AUD/USD)

Analysis for May 7th, 2015

EUR USD, “Euro vs US Dollar”

Yesterday, Eurodollar broke its local high and right now is testing the 5/8 level. If the price breaks this level, it may continue growing. I’m holding four buy orders with the stop loss below the 4/8 level.



The lines at the H4 and H1 charts are completely the same. Earlier, Super Trends formed “bullish cross”. The short-term target is at the 7/8 level: if the market rebounds from it fast, the pair may start a more serious correction.




AUD USD, “Australian Dollar vs US Dollar”

Super Trends are influenced by “bullish cross”. Australian Dollar has rebounded fast from the 5/8 level, which means that it may break last week’s high very soon. The target for the next several days is at the 8/8 level.



At the H1 chart, the price is moving at the top. Probably, in the nearest future the pair may break the 8/8 level and continue growing inside “overbought zone”. I’m planning to move the stop loss on my current order to breakeven as soon as the pair starts moving upwards.



 
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