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Murrey Math Lines 08.11.2016 (EUR/USD, AUD/USD)

Analysis for November 8th, 2016

EUR USD, “Euro vs US Dollar”

The EUR/USD pair couldn’t stay above the 6/8 level, but then managed to fix below the H4 Super Trend. Consequently, in the nearest future the market may complete the local correction and then continue falling towards the 4/8 level.

As we can see at the H1 chart, Super Trends formed “bearish cross”. During the day, the price may test the 7/8 level. If the pair rebounds from this level, the market may resume falling to reach the 4/8 one.

AUD USD, “Australian Dollar vs US Dollar”

In case of the AUD/USD pair, the situation is quite interesting, because it rebounded from the 1/8 level twice. If the price is able to stay under the 8/8 level, it may start falling. In this case, the first target for bears will be at the 7/8 level.

At the H1 chart, the pair is moving between the 5/8 and 3/8 levels. As a result, in the nearest future the market may test the 3/8 level. If this level is broken, the price may continue falling much deeper.

RoboForex Analytical Department

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