Murrey Math Lines 02.06.2020 (AUDUSD, NZDUSD)
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, AUDUSD is approaching the “overbought area”. In this case, the pair is expected to test 8/8, rebound from it, and then resume falling to reach the support at 5/8. However, this scenario may be canceled if the price breaks 7/8 to the upside. After that, the instrument may reach the support at 5/8 without testing 8/8.
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, may continue trading downwards.
NZDUSD, “New Zealand Dollar vs US Dollar”
As we can see in the H4 chart of NZDUSD, the situation is similar. The price is expected to test 8/8, rebound from this level, and then resume trading downwards to reach the support at 5/8. However, this scenario may no longer be valid if the price breaks 7/8 to the downside. After that, the instrument may continue falling towards the support at 5/8.
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue moving downwards to reach 5/8 from the H4 chart.
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.