Murrey Math Lines 05.08.2016 (EUR/USD, USD/JPY)
05.08.2016
Analysis for August 5th, 2016
EUR USD, “Euro vs US Dollar”
After rebounding from the 4/8 level, Eurodollar started moving downwards. The closest target for bears is the daily Super Trend. If the price rebounds from it, the market may resume growing.
As we can see at the H1 chart, Super Trends have formed “bearish cross”. Considering that the price hasn’t been able to stay below the 5/8 level, the market may start an ascending correction towards the 6/8 one. If later the pair rebounds from this level, it may start another decline.
USD JPY, “US Dollar vs Japanese Yen”
Yen is still being corrected under the H4 Super Trend. It’s highly likely that during the day the pair may test it and the 2/8 level. If the price rebounds from them, the market may reach the 0/8 level.
At the H1 chart, Super Trends are still influenced by “bearish cross”. Probably, on Friday the current ascending correction may continue. If the price rebounds from the 2/8 level again, I’m planning to open another short order.
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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.