Murrey Math Lines 05.01.2017 (EUR/USD, NZD/JPY)
05.01.2017
Analysis for January 5th, 2017
EUR USD, “Euro vs US Dollar”
After rebounding from the 5/8 level several times, the EUR/USD pair started an ascending correction. The closest target is at the 7/8 level, which may later provide resistance. If the price rebounds from this level, the market may try to resume its decline.
As we can see at the H1 chart, Super Trends are trying to form “bullish cross”. Earlier, the pair rebounded from the -1/8 level. Consequently, in the nearest future the market may continue growing. towards the +1/8 level.
NZD JPY, “New Zealand Dollar vs Japanese Yen”
The NZD/JPY pair rebounded from the 5/8 level and right now is trying to fix below the 4/8 one. Super Trend are still influenced by “bearish cross”. It’s highly likely that in the nearest future the market may test the 2/8 level.
At the H1 chart, the pair is trying to stay under the 8/8 level. Possibly, Super Trends may form “bearish cross” soon. As a result, in the nearest future the market may fall towards the 6/8 level. If later the price breaks this level, it may continue moving downwards.
RoboForex Analytical Department
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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.