One of the classic approaches to the currency market analysis, which is successfully applied to everyday trading processes. Murrey math lines can be used for understanding both short- and long-term outlooks. As a rule, a strategy that involves Murrey math lines includes other types of technical analysis.
Contrary to all expectations, Canadian Dollar decided to test the 8/8 level and the daily Super Trend’s line once again. If bears aren’t strong enough to break these levels and the market rebounds from them, we can expect the price to continue growing again.
Yesterday the market decided to test the “triangle” pattern. The price rebounded from its bottom line, thus indicating the importance of this pattern. Taking into consideration that this movement is taking place in an overbought zone, we can expect the price to start growing again to the +2/8 level. If this level is broken, the lines will be redrawn.
After a very significant growth, the GPB/CHF currency pair has been consolidating for several days. This movement is supported by Super Trend’s line and the 5/8 level. If the market isn’t able to break these levels and rebounds from them, we can expect the price to start growing again.
The price fell down a bit over the last few hours, thus indicating the start of the movement to the 0/8 level. If the price breaks H4 Super Trend’s line and fixes itself below it, down-trend may start again. Traders, who are more conservative, are recommended to wait until the price breaks the 3/8 level, as it will be a much safer signal, although the point of entry will be a bit worse.
At the H4 chart the price is consolidating in an overbought zone between the +2/8 and 8/8 levels. The market has rebounded from the 8/8 level twice. Most likely, bulls will breaks this channel upwards and the lines at the chart will be redrawn.
The market is trying to break the 3/8 level, thus indicating that the price may move toward the 0/8 level. Bears are supported by H4 Super Trend’s line. In the near term, we can expect down-trend to continue.
At the H4 chart we can see that the market is consolidating between the 6/8 and 5/8 levels, and this movement is supported by Super Trend’s line. The main target is at the 8/8 level. In the near term, we can expect the price to start growing again.
We may assume that the correction stopped at the 5/8 level. The market has tested this level several times. The forecast is shown on the chart. If the price breaks the 4/8 level and fixes itself below it, down-trend will continue to the 0/8 level.