Murrey Math Lines: EUR/USD, AUD/USD
|EURUSD, “Euro vs US Dollar”
The EUR/USD pair rebounded from the 4/8 level and started a new ascending correction. During the day, the market may test the 6/8 level. If the price rebounds from this level, the pair may reverse and resume its decline towards the 2/8 one.
As we can see at the H1 chart, Super Trends formed “bullish cross”. Possibly, in the nearest future the market may test the 4/8 level. If later the pair rebounds from this level, it may start a new descending movement. After the price breaks the -2/8 level, the lines at the chart will be redrawn.
AUDUSD, “Australian Dollar vs US Dollar”
The AUD/USD pair is slowly approaching the 7/8 level. If the price rebounds from this level, it may resume moving downwards. In this case, the closest target for bears will be at the 4/8 level.
At the H1 chart, the pair rebounded from the 7/8 level, but taking into account the H4 chart structure, the current correction is expected to continue and reach the 8/8 level. To confirm a new decline, the market has to break the 4/8 level and fix below it.
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