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Murrey Math Lines 17.11.2016 (EUR/USD, AUD/USD)

Analysis for November 17th, 2016

EUR USD, “Euro vs US Dollar”

After rebounding from the H4 Super Trend, the EUR/USD pair fixed below the 0/8 level inside the “oversold zone”. Consequently, in the nearest future the market may continue falling towards the -2/8 level. If later this level is broken, the lines at the chart will be redrawn.

The lines at the H4 and H1 charts are still the same. The H1 Super Trend provides resistance as the price rebounded from it several times. As a result, on Thursday the pair may continue falling and break the local low.

AUD USD, “Australian Dollar vs US Dollar”

Super Trends formed “bearish cross” and, as a result, the AUD/USD pair started falling quickly. Considering that the price is moving below the 3/8 level, it is expected to continue falling towards the 1/8 one. After reaching it, the market may start a new ascending correction.

At the H1 chart, the pair is consolidating under the H1 Super Trend. Earlier, the price rebounded from the 4/8 level several times. Consequently, during the day the market may continue falling towards the 2/8 level.  

RoboForex Analytical Department

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