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Murrey Math Lines 12.08.2016 (EUR/USD, AUD/USD)

Analysis for August 12th, 2016

EUR USD, “Euro vs US Dollar”

After rebounding from the 6/8 level, the EUR/USD pair is expected to resume falling. Possibly, after finishing the local correction, the market may test the 1/8 level and break the previous low.



As we can see at the H1 chart, Super Trends have formed “bearish cross”, which means that the pair may start a new descending movement. The closest target is at the 4/8 level. If bears break this level, the market will continue falling much deeper.




AUD USD, “Australian Dollar vs US Dollar”

After rebounding from the 7/8 level twice, the AUD/USD pair may resume falling. If the price breaks the H4 Super Trend and stays below it, the market will start moving downwards to reach the 4/8 level.



The lines at the H4 and H1 charts are completely the same, and it makes the 7/8 level, which the pair rebounded from twice, even more important. If Super Trends form “bearish cross” in the nearest future, I’m planning to increase my short position.



 
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