Murray Math Lines 09.08.2012 (USD/CAD, EUR/JPY, SILVER)

Analysis for August 9^th, 2012

USD/CAD

The bears are trying to keep the price below the 3/8 level. If they succeed, the pair will continue falling down towards the 0/8 level. The stop on my sell order has already been moved into the black, so there’s no risk.



At the H1 chart the correction is taking place, which is supported by the Super Trend’s line. If the price rebounds from the current levels, the pair will continue moving downwards. The closest target for the bears is the 0/8 level.

EUR/JPY

After rebounding from the 5/8 level twice in a row, and now the EUR/JPY currency pair is starting to move downwards. Now the bears have to break the daily Super Trend’s line and the keep the price below the 3/8 level. Later the pair may continue falling down towards the 0/8 level.



The price is moving in the middle of the H1 chart. The first attempt of the price to break the 4/8 level has failed, currently the market is being corrected. In the near term, the pair may reach the 0/8 level, break it and continue moving downwards.

SILVER

The market is again moving near the lower border of an “overbought zone”. If the price rebounds from the 8/8 level, the instrument may start falling down. The closest target for the bears is the 4/8 level.



At the H1 chart we can see that the bulls haven’t been able to keep the price above the 8/8 level. If the market breaks the Super Trends’ lines, the instrument may start moving downwards. Later we can expect the price to continue falling down towards the 4/8 level.