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    Forex Murray math lines

    Analysis for January 18th, 2013

    CAD/JPY

    The market is consolidating a bit above the 6/8 level; the bulls are supported by the Super Trends’ lines. We can’t exclude a possibility that the price may continue moving upwards in the nearest future. The main target is at the 8/8 level.



    At the H1 chart the bulls have to keep the price above the 5/8 level. There is a possibility that the pair may yet try to test the 4/8 level. If the pair rebounds from it, the price will start a new ascending movement towards the 8/8 one.



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    Murrey Math Lines 14.05.2019 (AUDUSD, NZDUSD)



    As we can see in the H4 chart, AUDUSD is trading inside the “oversold zone”. In this case, the pair may break the 0/8 level and continue growing towards the resistance at the 3/8 one. However, this scenario may be cancelled if the instrument breaks the -2/8 level. In this case, the lines in the chart will be redrawn to define further downside targets.

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    Murrey Math Lines 15.05.2019 (USDJPY, USDCAD)



    In the H4 chart, USDJPY has been trading downwards for almost two weeks without any significant corrections. In this case, the pair may break the 1/8 level and start a slight correction to the upside towards the resistance at the 3/8 one. However, this scenario will no longer be valid if the instrument breaks the 0/8 level. After that, the pair may resume trading downwards with the first target at the -2/8 level.

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    Murrey Math Lines 16.05.2019 (USDCHF, GOLD)



    In the H4 chart, USDCHF is expected to break the 5/8 level and then continue falling towards the support at the 3/8 one.

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    Murrey Math Lines 17.05.2019 (EURUSD, GBPUSD)



    Recently, the USD has been growing against all major currencies and only EURUSD can’t decide on where to move. The fact that the pair has broken the range downwards probably indicates that market players finally agreed on the future outlook and started pushing the price downwards, which can be seen in the daily chart. In the H4 chart, EURUSD is expected to fall towards the support at the 0/8 level. However, this scenario may be cancelled if the instrument breaks the 3/8 level. In this case, the instrument may resume trading upwards to reach the resistance at the 5/8 one.

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    Murrey Math Lines 20.05.2019 (EURUSD, GBPUSD)



    As we can see in the H4 chart, EURUSD has broken the 2/8 level and, as a result, may continue trading downwards to reach the support at the 0/8 one. Last Friday, there was nothing that could indicate a reverse to the upside. However, the “decline ”scenario may be cancelled if the instrument breaks the 3/8 level. In this case, the instrument may resume trading upwards to reach the resistance at the 5/8 one.

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    Murrey Math Lines 21.05.2019 (AUDUSD, NZDUSD)



    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.

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    Murrey Math Lines 22.05.2019 (USDJPY, USDCAD)



    As we can see in the H4 chart, USDJPY has reached the target at the 3/8 level, just as expected. The major tendency is still descending, that’s why this growth may be considered as a correction, which may be followed by a new wave to the downside. So, in this case, the main scenario implies that the pair may rebound from the 3/8 level and start a new decline to reach the support at the 1/8 one. However, this scenario will no longer be valid if the instrument breaks the 3/8 level. After that, the pair may resume trading upwards with the target at the 5/8 level.

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    Murrey Math Lines 23.05.2019 (USDCHF, GOLD)



    The current USDCHF situation and the outlook for the future may be explained by something that happened a month ago. On April 23rd, the pair was growing quickly and then stopped by the resistance at the 7/8 level, which is known as a spot where trading instruments usually stop and reverse. On that day, this was exactly what happened – the level stopped the pair and made it reverse. As a rule, in such cases the price resumes falling towards the support at the 0/8 level. By now, it hasn’t reached this target yet, but the downtrend may continue. At the moment, USDCHF is trading below the 3/8 level. Earlier, market players tried to prevent the pair from falling, but all that they managed to do was to make the price break the 3/8 level several times without fixing above it, which means that bulls were rather weak. As a result, the instrument may continue falling to reach the support at the 0/8 level. However, this scenario will no longer be valid if the instrument breaks the 4/8 level. After that, the pair may resume trading upwards with the target at the 7/8 level.

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    Murrey Math Lines 24.05.2019 (EURUSD, GBPUSD)



    In the H4 chart, EURUSD reached the support at the 0/8 level, rebounded from it, and right not the pair is trading above the 2/8 one. As a rule, when the price rebounds from the 0/8 level, the first target is the resistance at the 3/8 one, which means that the pair is going to test this level and may offer two possible scenarios. The first scenario suggests that the instrument may break the resistance and then continue growing towards the 5/8 level. This scenario is confirmed by yesterday’s growth. The second one implies that the pair may rebound from the resistance and then start a new descending to reach the support at the 1/8 level, which may be considered as a correction of the future uptrend. This scenario is hard to believe in, because most people on the market are expecting the price to continue moving downwards, but one shouldn’t ignore it. However, the “possible uptrend” scenario may be cancelled if the instrument breaks the 1/8 level. In this case, the instrument may continue trading downwards to reach the support at the -1/8 one.

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    Murrey Math Lines 27.05.2019 (EURUSD, GBPUSD)



    As we can see in the H4 chart, EURUSD has broken the 3/8 level upwards. Right now, it is consolidating and may continue growing to reach the resistance at the 5/8 one. However, there is a possibility that the price may break the 3/8 level downwards, because it has significantly grown over the previous two trading sessions and may require a slight correction before continuing its ascending tendency. As a result. The instrument may break the 3/8 level and then reach the 2/8 level. After that, the pair may resume moving upwards.

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