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Murrey Math Lines 31.08.2016 (EUR/USD, AUD/USD)

Analysis for August 31st, 2016

EUR USD, “Euro vs US Dollar”

The EUR/USD pair continues falling. Earlier, several rebounds from the 6/8 level, Super Trends formed “bearish cross”. Consequently, in the nearest future the market may continue moving downwards to reach the 1/8 level.

As we can see at the H1 chart, the H1 Super Trend has provided resistance to the current local correction. As a result, if the price is able to stay under the 1/8 level, the market will continue falling to reach the ‑2/8 one.

AUD USD, “Australian Dollar vs US Dollar”

The AUD/USD pair rebounded from the 6/8 level and resumed falling, and as a result, Super Trends formed “bearish cross”. It’s highly likely that after finishing the local correction the market may continue moving downwards. The closest target is at the 1/8 level.

As we can see at the H1 chart, the pair has been able to stay below the 3/8 level, which means that it may continue falling. If later the price rebounds from the 1/8 level, the market may start a new local correction.

RoboForex Analytical Department

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