Murrey Math Lines 07.05.2015 (EUR/USD, AUD/USD)
07.05.2015
Analysis for May 7th, 2015
EUR USD, “Euro vs US Dollar”
Yesterday, Eurodollar broke its local high and right now is testing the 5/8 level. If the price breaks this level, it may continue growing. I’m holding four buy orders with the stop loss below the 4/8 level.
The lines at the H4 and H1 charts are completely the same. Earlier, Super Trends formed “bullish cross”. The short-term target is at the 7/8 level: if the market rebounds from it fast, the pair may start a more serious correction.
AUD USD, “Australian Dollar vs US Dollar”
Super Trends are influenced by “bullish cross”. Australian Dollar has rebounded fast from the 5/8 level, which means that it may break last week’s high very soon. The target for the next several days is at the 8/8 level.
At the H1 chart, the price is moving at the top. Probably, in the nearest future the pair may break the 8/8 level and continue growing inside “overbought zone”. I’m planning to move the stop loss on my current order to breakeven as soon as the pair starts moving upwards.
RoboForex Analytical Department
Attention!
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.