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Murrey Math Lines 02.11.2016 (EUR/USD, NZD/JPY)

Analysis for November 2nd, 2016

EUR USD, “Euro vs US Dollar”

In case of the EUR/USD pair, the ascending correction continues. Taking into account that earlier the price rebounded from the 2/8 level, the pair may resume falling if the 6/8 level provides resistance. In this case, the first target for bears will be at the 5/8 level. If later the price breaks this levels and stays below it, the market may test 4/8 one.

At the H1 chart, the pair is approaching the 8/8 level. If later the price rebounds from this level, it may start a new descending correction with the closest target at the 6/8 one.

NZD JPY, “New Zealand Dollar vs Japanese Yen”

In case of the NZD/JPY pair, the current situation is rather interesting. After rebounding from the 1/8 level, the market is trying to fix below the 8/8 one. As a result, in the nearest future the price may continue falling to reach the 6/8 level and the daily Super Trend.

At the H1 chart, the pair is moving in the middle. If the price is able to stay below the 4/8 level and then breaks the 3/8 one, the market will start a short-term decline towards the 0/8 level.

RoboForex Analytical Department

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