Murrey Math Lines 24.10.2016 (EUR/USD, AUD/USD)
24.10.2016
Analysis for October 24th, 2016
EUR USD, “Euro vs US Dollar”
The EUR/USD pair is still falling. Earlier, the price rebounded from the H4 Super Trend and the 4/8 level. The closest target for bears is at the 0/8 level. After reaching this level, the market may start an ascending correction.
At the H1 chart, the current declined stopped at the 0/8 level, which means that the pair may start a short-term correction. Later, if the price stays under Super Trends, the market may resume falling towards the -2/8 level.
AUD USD, “Australian Dollar vs US Dollar”
After rebounding from the +1/8 level, the AUD/USD pair started falling very quickly, but was stopped by the daily Super Trend. Possibly, on Monday the price may test the 4/8 level. If it rebounds from this level, the market may start an ascending correction.
At the H1 chart, the local correction faced resistance from the H1 Super Trend. If the price rebounds from this level, it may continue moving to reach the 4/8 one. The future scenario depends on how the market will move there.
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