Murray Math Lines 04.06.2012 (GBP/JPY, EUR/JPY, USD/CAD)
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Analysis for June 4th, 2012
GBP/JPY
The lines at the H4 and the daily charts are completely the same. The bears are supported by the Super Trend’s line. The pair is moving below the 3/8 level, thus indicating that it may continue falling down towards the 0/8 one. Today I’ve opened one more sell order, the third one.
At the H1 chart the market has already reached the 0/8 level. However, the bulls weren’t able to keep the price above the 2/8 one, so it may continue moving downwards. In the near term, we can expect the pair break the -2/8 level and the lines at the chart will be redrawn.
EUR/JPY
The pair is moving below the 3/8 level, thus indicating that it may continue falling down towards the 0/8 one. Currently the price is being corrected below the H4 Super Trend. Today I’ve opened a short-term sell order with the target at the 0/8 level.
The pair is being corrected between the 5/8 and 3/8 levels. There is a possibility that the bulls may try to test the H4 Super Trend’s line once again. If the price rebounds from the line, it will be a very strong bearish signal.
USD/CAD
The lines at the H4 and the daily charts are completely the same. Canadian Dollar is moving above the 5/8level, thus indicating that it may continue growing up towards the 8/8 one. Today I’ve opened my second buy order, Take Profit on both orders is placed at the 8/8 level.
At the H1 chart the market is just one step away from the 8/8 level. Taking into consideration the situation at major time frames, we can expect the price to break this level and then continue moving upwards. I’ll move the stop on my second order into the black as soon as possible.
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