Murrey Math Lines: EUR/USD, USD/CAD
|Analysis for August 19th, 2016
EURUSD, "Euro vs US Dollar"
After rebounding from the 6/8 level, the EUR/USD pair started a local correction. Possibly, on Friday the price may test the H4 Super Trend. If the market rebounds from it, the pair will resume growing towards the 7/8 level.
The lines at the H4 and H1 charts are completely the same, and it makes the 7/8 level even more important. Consequently, if the pair is able to stay above the 6/8 level, it will resume moving upwards. Moreover, if later the price breaks the 7/8 level, bulls will test the 8/8 one.
USDCAD, "US Dollar vs Canadian Dollar"
In case of the USD/CAD pair, Super Trends are influenced by "bearish cross". Considering that the price is moving under the 2/8 level, it is expected to continue falling towards the 0/8 one in the nearest future. If later the market rebounds from this level, it may start a new ascending correction.
As we can see at the H1 chart, the 0/8 level is confirmed by levels from longer timeframes. It's highly likely that on Friday the market may break the local low and continue moving to reach its downside targets.
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