Murrey Math Lines 04.01.2016 (EUR/USD, AUD/USD)
04.01.2016
Analysis for January 4th, 2016
EUR USD, “Euro vs US Dollar”
As we can see at the H4 chart, after rebounding from the 2/8 level several times, Eurodollar has resumed its decline. It’s highly likely that in the nearest future Super Trends may form “bearish cross”. The closet target is at the 0/8 level.
At the H1 chart, after rebounding from the 3/8 level, Eurodollar has started a new correction. If later the market is able to stay under Super Trends and the 3/8 level, I’m planning to open another sell order.
AUD USD, “Australian Dollar vs US Dollar”
Australian Dollar has rebounded from the daily Super Trend and the 8/8 level as well. It’s highly likely that in the future the pair may continue falling. If the price is able to stay under the 3/8 level, it may continue moving downwards to reach the 0/8 one.
The lines at the H4 and H1 charts are completely the same. Super Trends have formed “bearish cross”, which means that the downtrend may continue. Possibly, the market may reach a new local low on Monday.
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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.