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Murrey Math Lines 08.08.2023 (AUDUSD, NZDUSD)

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD quotes are below the 200-day Moving Average on H4, indicating a prevailing downtrend. The RSI has rebounded from the resistance line. In these circumstances, the price is expected to break the 3/8 (0.66530) level down and drop to the support at 2/8 (0.6469). The scenario can be cancelled by a breakout of the resistance at 4/8 (0.6591). In this case, the quotes could rise to 5/8 (0.6652).

Murrey Math Lines 08.08.2023 AUDUSDH4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

On M15, the lower line of the VoltyChannel is broken. This indicates the predominance of a downtrend and increases the probability of a further price decline.

Murrey Math Lines 08.08.2023 AUDUSD_M15
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

NZDUSD, “New Zealand Dollar vs US Dollar”

The NZDUSD chart shows a similar situation. The quotes are below the 200-day Moving Average, which indicates a prevailing downtrend. The RSI has rebounded from the resistance line. In this situation, the quotes are expected to test the 3/8 (0.6042) level, break it, and fall to the support at 2/8 (0.5981). The scenario can be cancelled by a breakout of the resistance at 4/8 (0.6103). In this case, the pair could rise to 5/8 (0.6164).

Murrey Math Lines 08.08.2023 NZDUSD_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

On M15, the lower line of the VoltyChannel is broken, which increases the probability of a further price decline.

Murrey Math Lines 08.08.2023 NZDUSD_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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