Murrey Math Lines 11.08.2016 (EUR/USD, AUD/USD)
11.08.2016
Analysis for August 11th, 2016
EUR USD, “Euro vs US Dollar”
Probably, the ascending correction has completed as the price hasn’t been able to stay above the 6/8 level, and it means that the pair may resume falling. The closest target for bears is at the 1/8 level. To confirm this scenario, the market has to fix below the H4 Super Trend.
The lines at the H4 and H1 charts are completely the same. If the price is able to stay under the 5/8 level, it will be the first signal for a new descending movement. Another confirmation of this scenario will be “bearish cross” formed by Super Trends.
AUD USD, “Australian Dollar vs US Dollar”
The AUD/USD pair has rebounded from the 7/8 level twice, which means that it may resume falling. If the price breaks the H4 Super Trend, the market will start moving towards the 4/8 level.
The lines at the H4 and H1 charts are completely the same, and it makes the 7/8 level, which the pair rebounded from twice, even more important. At the moment, the market is moving between Super Trends. If the price is able to stay below them, it will continue falling.
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