Murrey Math Lines 02.11.2016 (EUR/USD, NZD/JPY)
02.11.2016
Analysis for November 2nd, 2016
EUR USD, “Euro vs US Dollar”
In case of the EUR/USD pair, the ascending correction continues. Taking into account that earlier the price rebounded from the 2/8 level, the pair may resume falling if the 6/8 level provides resistance. In this case, the first target for bears will be at the 5/8 level. If later the price breaks this levels and stays below it, the market may test 4/8 one.
At the H1 chart, the pair is approaching the 8/8 level. If later the price rebounds from this level, it may start a new descending correction with the closest target at the 6/8 one.
NZD JPY, “New Zealand Dollar vs Japanese Yen”
In case of the NZD/JPY pair, the current situation is rather interesting. After rebounding from the +1/8 level, the market is trying to fix below the 8/8 one. As a result, in the nearest future the price may continue falling to reach the 6/8 level and the daily Super Trend.
At the H1 chart, the pair is moving in the middle. If the price is able to stay below the 4/8 level and then breaks the 3/8 one, the market will start a short-term decline towards the 0/8 level.
RoboForex Analytical Department
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.