Murrey Math Lines 08.06.2016 (EUR/USD, NZD/USD)
08.06.2016
Analysis for June 8th, 2016
EUR USD, “Euro vs US Dollar”
Eurodollar continues moving inside the Flat pattern near its local highs; the current ascending movement is supported by Super Trends. On Wednesday, the price may grow a bit, but later the market is expected to stay below the 5/8 level and start a new correction.
As we can see at the H1 chart, Eurodollar has been able to stay above the 6/8 level during the current consolidation. If later the 7/8 level provides resistance, the market may rebound from it, start falling, and break Super Trends.
NZD USD, “New Zealand Dollar vs US Dollar”
New Zealand Dollar continues growing. Yesterday, the price broke its local high. Bulls are supported by Super Trends. If later the pair rebounds from the 7/8 level, bears may start a new descending correction.
The lines at the H4 and H1 charts are completely the same. As a result, the 7/8 level is very important, because it may be the starting point of a new bearish correction. In order to start moving downwards, the price has to stay under Super Trends.
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