Murray Math Lines for 2013 (GBP/USD, AUD/USD, CAD/JPY)
19.01.2013
Yearly Analysis for 2013
GBP/USD
The GBP/USD currency pair has been forming triangle pattern for several years. In classic technical analysis this pattern is usually followed by a new movement inside the main trend. According to Murray Math Lines, the pair is consolidating in the channel between the 5/8 and 3/8 levels. If the market is able to keep the price below the 3/8 level, the pair will continue falling down towards the 0/8 one.
At the daily chart we can see that the bulls tried to break the 5/8 level three times, but failed. If the pair is able to break the Super Trends’ lines backwards, the price will start a new descending movement. The first target will be at the 3/8 level. After the market break this level, it will continue moving towards a more serious target, at the 0/8 one.
AUD/USD
It looks like Australian Dollar is also forming triangle pattern. However, in this case the price may yet continue a correction. The bulls are very likely to test the pattern’s lower border. If the pair rebounds from the border, the price will start a new ascending movement. The target for the bulls is at the 8/8 level.
If the bears are able to break the Super Trends’ line backwards at the weekly chart, the price will continue falling down towards the pattern’s lower border (near the 2/8 level). If the market rebounds from these levels, the pair will start growing up towards the 4/8 one.
CAD/JPY
As we can see at the monthly chart, after rebounding from the 2/8 level three times, the CAD/JPY currency pair started moving upwards. The Super Trend’s line has already moved into the “green zone”. We can’t exclude a possibility that in the future the price may break a local maximum. The main target in the foreseeable future is the 4/8 level.
At the weekly chart we can see that the pair rebounded from the 0/8 level and started a new ascending movement. By now the bulls has got very close to the 4/8 level. If they are able to break the 4/8 level, then the 5/8 level and keep the price above it, the pair will continue growing up towards the 8/8 one.
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.