Murrey Math Lines 30.05.2019 (USDCHF, GOLD)

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, after reaching its downside targets specified a weak earlier, USDCHF has been corrected towards the 3/8 level. In this case, the price may break the 2/8 level and then continue falling to reach the support at the 0/8 level. However, this scenario may no longer be valid if the instrument breaks the 3/8 level. After that, the pair may resume trading upwards to reach the resistance at the 5/8 level.

In the H1 chart, the pair is consolidating. If the price breaks the 3/8 level, the instrument may resume falling to reach the support at the 0/8 one.

In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue trading downwards.

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, XAUUSD is consolidating. On May 13th, there was a quick rising impulse that stopped at the 6/8 level. In this case, there was a possibility of a new descending movement and, indeed, the price plummeted towards the 3/8 level, but later formed another correction to reach the resistance at the 5/8 one. As a result, we saw the first descending wave along with the correction. In the future, the descending tendency may continue. After the instrument breaks the 3/8 level, it may continue trading downwards to reach the support at the 1/8 one. However, this scenario may no longer be valid if the instrument breaks the 5/8 level. After that, the pair may resume trading upwards to reach the resistance at the 7/8 level.

As we can see in the M15 chart, the pair has broken the downside line of the VoltyChannel indicator and, as a result, may continue moving downwards.