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Murrey Math Lines 05.05.2021 (USDJPY, USDCAD)

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, USDJPY is trading above the 200-day Moving Average, thus indicating a possible ascending tendency. In this case, the price is expected to break 4/8 and then continue growing to reach the resistance at 6/8. However, this scenario may no longer be valid if the price rebounds from 3/8 to the downside. After that, the instrument may correct towards the support at 2/8.

Murrey Math Lines 05.05.2021 USDJPY_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 break the upside line of the VoltyChannel indicator and, as a result, continue the ascending tendency.

Murrey Math Lines 05.05.2021 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 trading below the 200-day Moving Average, thus indicating a descending tendency. In this case, the price is expected to break the support at 1/8 and then continue falling towards 0/8. If it happens, the asset will reach the “oversold area” and start a new correction there. Still, this scenario may no longer be valid if the price breaks 2/8 to the upside. After that, the instrument may correct upwards to reach the resistance at 3/8.

Murrey Math Lines 05.05.2021 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 break the downside line of the VoltyChannel indicator and, as a result, continue trading downwards.

Murrey Math Lines 05.05.2021 USDCAD_M15
Risk Warning: the result of previous trading operations do not guarantee the same results in the future


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