Murray Math Lines 23.05.2012

[RoboForex]

Murray Math Lines 23.05.2012 (USD/CAD, USD/JPY, GBP/JPY)

23.05.2012 / 14:33

Analysis for May 23^rd, 2012

USD/CAD

After rebounding from the Super Trend’s line once again, the bulls are trying to break the 8/8 level one more time. The market may enter an “overbought zone” within the next couple of days and break the +2/8 level. After that the lines at the chart will be redrawn.



At the H1 chart the situation is quite similar. The bulls are getting ready to break the 8/8 level, and then I’ll move the stop my buy order into the black. After the lines at the chart are redrawn, we’ll have new targets and be able to place Take Profit.

USD/JPY

After rebounding from the daily Super Trend’s line, the USD/JPY currency pair started falling down again. The target is very low, at the 0/8 level. However, first of all, the bulls have to reach the 4/8 level and break it.



At the H1 chart the Super Trends’ lines formed “bearish cross”. It looks like the bears are going to break the0/8 level and enter “oversold zone”. I’ll move the stop on my sell order into the black as soon as possible.

GBP/JPY

The GBP/JPY currency pair did manage to break the 0/8 level, allowing me to move the stop on my second sell order into the black. If the market stays inside an “oversold zone”, the descending trend will continue. There is a possibility that the price may break the -2/8 level by the end of the week and the lines at the chart will be redrawn.



The lines at the H1 and the H4 charts are completely the same. Yesterday the Super Trends’ lines formed “bearish cross”. In the near term, we can expect the descending trend to continue.