Analysis
Murrey Math Lines 28.03.2023 (AUDUSD, NZDUSD)
AUDUSD, “Australian Dollar vs US Dollar”
On H4, the quotes are under the 200-day Moving Average, which indicates the prevalence of a downtrend. The RSI is nearing the resistance line. In these circumstances, we expect the quotes to test …
AUDUSD, “Australian Dollar vs US Dollar”
On H4, the quotes are under the 200-day Moving Average, which indicates the prevalence of a downtrend. The RSI is nearing the resistance line. In these circumstances, we expect the quotes to test 2/8 (0.6713), make a rebound off it, and fall to the support level of 0/8 (0.6591). The scenario can be canceled by an upward breakaway of the resistance at 2/8 (0.6713). In this case, the pair might rise to 3/8 (0.6874).
On M15, the lower line of the VoltyChannel indicator is too far away from the current price, so the decline of the quotes can only be indicated by a rebound from 2/8 (0.6713) on H4.
NZDUSD, “New Zealand Dollar vs US Dollar”
The situation on the NZDUSD chart is similar. On H4, the quotes are under the 200-day Moving Average, which indicates the prevalence of a downtrend, and the RSI is nearing the resistance line. In this situation, we should expect the price to break 4/8 (0.6225) downwards and fall to the support at 2/8 (0.6164). The scenario can be canceled is the price rises above the resistance at 5/8 (0.6256), which might lead to a trend reversal and growth of the pair to 6/8 (0.6286).
On M15, the decline of the price on H4 can be additionally supported by a breakaway of the lower line of VoltyChannel.
