Murray Math Lines 08.07.2011 (GBP/JPY, NZD/USD, CAD/JPY)

Analysis for July 8^th, 2011
 

GBP/JPY

The market is being corrected, and this correction is supported by both Super Trends (daily and 4 Hour). If the market rebounds from indicators lines, there will be a signal for the price to start moving downwards again. The price couldn’t fix itself above the 2/8 level, that’s why the target level is -2/8, where Take Profit is.



At the H1 chart the market is consolidating between the 5/8 – 3/8 levels. Taking into consideration the existing trend, the price breaking the 3/8 level will allow the price to keep moving downwards. If the price breaks the -2/8 level, the lines will be redrawn.

NZD/USD

The price has broken the 8/8 level and fixed itself above it. Both Super Trends (1 and 4 Hour) are in green zone. While the market is above the 8/8 level, the main scenario is the continued trend. If the price breaks the +2/8 level, the lines will be redrawn.



At the H1 chart the price hasn’t broken the +1/8 level yet. The price movement may be just a correction, and after it is finished, the price may start growing again. However, I decided not to risk and moved stop into the black.

CAD/JPY

After rebounding from the 6/8 level, the price continued growing. Super trends are in green zone. The price almost reached the +2/8 level, and if the level is broken, the indicator will be redrawn. Forecast is still bullish.



At the hourly chart the levels are the same as at the H4 chart. Short term forecast is shown on the chart. The market is consolidating right now, but the price may move upwards to leave this range, and levels may be redrawn during the day.