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Murrey Math Lines 19.07.2023 (USDJPY, USDCAD)

USDJPY, “US Dollar vs Japanese Yen”

USDJPY quotes are under the 200-day Moving Average on H4, revealing the prevalence of a downtrend. The RSI is nearing the resistance line. In these circumstances, a test of 3/8 (139.84) is expected, followed by a rebound from this level and a decline to the support level of 1/8 (138.28). The scenario can be cancelled by rising above the resistance at 3/8 (139.84). In this case, the pair will go on growing and the quotes could reach 4/8 (140.62).

Murrey Math Lines 19.07.2023 USDJPY_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

On M15, after the price tests 3/8 (139.84), an additional signal confirming the decline might be a breakout of the lower boundary of the VoltyChannel.

Murrey Math Lines 19.07.2023 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”

On H4, USDCAD quotes are in the oversold area. The RSI is testing the support line. In this situation, the quotes are expected to rise above the resistance at 0/8 (1.3183) and continue growing to 1/8 (1.3244). The scenario can be cancelled by a downward breakout of the support at -1/8 (1.3122), which could lead to a further drop to -2/8 (1.3061).

Murrey Math Lines 19.07.2023 USDCAD_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

On M15, the upper line of the VoltyChannel is too far from the current price, which means the growth of the quotes could be additionally supported by an upward breakout of 0/8 (1.3183) on H4.

Murrey Math Lines 19.07.2023 USDCAD_M15
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

Attention!

Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.


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