Analysis
Murrey Math Lines 07.03.2023 (AUDUSD, NZDUSD)
AUDUSD, “Australian Dollar vs US Dollar”
On H4, the quotes are under the 200-day Moving Average, which reveals prevalence of a downtrend. The RSI has broken through the support line. Further falling to the nearest support level at 1/8 (0…
AUDUSD, “Australian Dollar vs US Dollar”
On H4, the quotes are under the 200-day Moving Average, which reveals prevalence of a downtrend. The RSI has broken through the support line. Further falling to the nearest support level at 1/8 (0.6652) is expected. The scenario can be cancelled by rising above the resistance level of 3/8 (0.6774). In this case, the pair might rise to 4/8 (0.6835).
On M15, the lower line of VoltyChannel is broken away. This confirms the development of a downtrend and increases the probability of further falling.
NZDUSD, “New Zealand Dollar vs US Dollar”
On H4, the quotes are also under the 200-day Moving Average, which indicates prevalence of a downtrend. The RSI is testing the resistance level. A downward breakaway of 1/8 (0.6164) should be expected, followed by a decline to the support level of 0/8 (0.6103). The scenario can be cancelled by rising above 2/8 (0.6225). In this case, the pair might correct to the resistance level of 3/8 (0.6286).
On M15, the lower line of VoltyChannel is broken away, which increases the probability of further falling of the price.
