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Murrey Math Lines 16.12.2020 (USDJPY, USDCAD)

USDJPY, “US Dollar vs. Japanese Yen”

In the H4 chart, USDJPY is moving below the 200-day Moving Average and 3/8, thus indicating a possible descending tendency. In this case, the price is expected to break 1/8 and then continue falling towards the support at 0/8. However, this scenario may no longer be valid if the price breaks 2/8 to the upside. After that, the instrument may continue growing to reach the resistance at 3/8.

Murrey Math Lines 16.12.2020 USDJPY_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

As we can see in the M15 chart, the pair has broken the downside line of the VoltyChannel indicator and, as a result, may continue moving downwards.

Murrey Math Lines 16.12.2020 USDJPY_M15
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, USDCAD is moving below the 200-day Moving Average, thus indicating a descending tendency. At the moment, the asset is rebounding from 0/8. In this case, the pair is expected to resume growing towards the closest resistance at 1/8. Still, this scenario may no longer be valid if the price breaks 0/8 to the downside. After that, the instrument may reverse and fall to reach the support at -1/8.

Murrey Math Lines 16.12.2020 USDCAD_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the M15 chart, the pair may beak the upside line of the VoltyChannel indicator and, as a result, continue trading upwards.

Murrey Math Lines 16.12.2020 USDCAD_M15
Risk Warning: the result of previous trading operations do not guarantee the same results in the future


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