Murrey Math Lines 21.05.2019 (AUDUSD, NZDUSD)

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, AUDUSD is trading below the 3/8 level and may continue falling to reach the support at the 0/8 one. However, there may be attempts to stop this decline. On Monday, the market opened with a gap above the 1/8 level, which could result in a growth towards the 3/8 one, but the instrument continued falling instead to break the 1/8 level to the downside. In this case, if the price rebounds from this level upwards, it may resume trading upwards to reach the resistance at the 3/8 one. However, if the 1/8 level is broken, the bearish tendency will get stronger and the pair may reach the support at the 0/8 one.

In the H1 chart, the pair failed to break the 3/8 level yesterday, thus indicating a possible bullish tendency. If bulls succeed in pushing the price above this level, the pair may continue moving upwards to reach the resistance at the 5/8 one.

NZDUSD, “New Zealand Dollar vs US Dollar”

As we can see in the H4 chart, bears and bulls have been “fighting” for the 3/8 level for five days in a row. If NZDUSD breaks it, the pair may continue falling towards the support at the 1/8 level. However, to continue their tendency, bulls must break the 3/8 level into the consolidation range. In this case, the pair may resume growing to reach resistance at the 5/8 one. Still, right now, the tendency is descending, that’s why bears are more likely to succeed.

In the H1 chart, the pair is consolidating. If the price breaks the 3/8 level, it may resume falling towards the “oversold zone”. In opposition, the instrument may break the 5/8 level and start a new growth to reach the “overbought zone”.