Murrey Math Lines 29.08.2016 (EUR/USD, USD/CAD)
29.08.2016
Analysis for August 29th, 2016
EUR USD, “Euro vs US Dollar”
Super Trends have formed “bearish cross”, which means that the EUR/USD pair may yet continue moving downwards. The closest target is at the 2/8 level. If the price breaks this level, the market may continue falling much deeper to reach the 0/8 one.
As we can see at the H1 chart, the pair is moving inside the “oversold zone”. It’s highly likely that during the day the price may break the -2/8 level. In this case, the lines at the chart will be redrawn. During the correction, I opened another sell order.
USD CAD, “US Dollar vs Canadian Dollar”
In case of the USD/CAD pair, Super Trends have formed “bullish cross”, but the price hasn’t broken the weekly Super Trend yet, which may be a rather serious obstruction for buyers. Consequently, if later they do break this level, they will continue pushing the price towards the 7/8 one.
At the H1 chart, the pair is moving at the top. If the price rebounds from the 6/8 level, the market will resume moving upwards. If later the 8/8 level is broken as well, the pair may test the +1/8 one.
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