Analysis
Murrey Math Lines 16.05.2023 (AUDUSD, NZDUSD)
AUDUSD, “Australian Dollar vs US Dollar”
On H4, the quotes are under the 200-day Moving Average, revealing the prevalence of a downtrend. The RSI has rebounded from the resistance line. In this situation, a downward breakout of 3/8 (0.66…
AUDUSD, “Australian Dollar vs US Dollar”
On H4, the quotes are under the 200-day Moving Average, revealing the prevalence of a downtrend. The RSI has rebounded from the resistance line. In this situation, a downward breakout of 3/8 (0.6683) is expected, followed by a decline to the support level of 1/8 (0.6622). The scenario can be cancelled by rising above the resistance at 4/8 (0.6713), which might lead to a trend reversal and growth of the pair to 6/8 (0.6774).
On M15, a further decline in the price could be confirmed by a breakout of the lower border of the VoltyChannel.
NZDUSD, “New Zealand Dollar vs US Dollar”
On H4, the quotes have broken the 200-day Moving Average and now rest above it, indicating possible development of an uptrend. The RSI is nearing the resistance line. As a result, the price could rise above 5/8 (0.6256) and reach the resistance at 7/8 (0.6317). The scenario can be cancelled by a downward breakout of the support at 4/8 (0.6225). In this case, the pair might drop to 2/8 (0.6164).
On M15, the upper line of the VoltyChannel is broken. This increases the probability of further price growth.
