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Murrey Math Lines 19.08.2016 (EUR/USD, USD/CAD)

Analysis for August 19th, 2016

EUR USD, “Euro vs US Dollar”

After rebounding from the 6/8 level, the EUR/USD pair started a local correction. Possibly, on Friday the price may test the H4 Super Trend. If the market rebounds from it, the pair will resume growing towards the 7/8 level.

The lines at the H4 and H1 charts are completely the same, and it makes the 7/8 level even more important. Consequently, if the pair is able to stay above the 6/8 level, it will resume moving upwards. Moreover, if later the price breaks the 7/8 level, bulls will test the 8/8 one.

USD CAD, “US Dollar vs Canadian Dollar”

In case of the USD/CAD pair, Super Trends are influenced by “bearish cross”. Considering that the price is moving under the 2/8 level, it is expected to continue falling towards the 0/8 one in the nearest future. If later the market rebounds from this level, it may start a new ascending correction.

As we can see at the H1 chart, the 0/8 level is confirmed by levels from longer timeframes. It’s highly likely that on Friday the market may break the local low and continue moving to reach its downside targets.

RoboForex Analytical Department

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