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A medium-term accumulation zone was formed in the trading chart this June, so traders can use the weekly and monthly highs to search for good entry and consolidation points in the market. The upward movement that occurred yesterday pushed the quote near the defining resistance area of the WCZ 1/2 0.6933-0.6924, a test of which will indicate the next priority for the market.

Exchange Rates 01.07.2020 analysis

But for now, shorting the pair remains to be the priority, as the weekly control zone 0.6796-0.6778 has not yet been reached.

An alternative scenario may occur, if the quote closes today above the WCZ 1/2. It will form an upward reversal pattern, which will continue the medium-term bullish impulse in the chart. The first target for the increase will be the weekly control zone 0.7032-0.7014. However, keep in mind that buy positions from the current levels are not profitable, as the test of the WCZ 1/2 can lead to a strong fall of the AUD / USD pair.

Exchange Rates 01.07.2020 analysis

Daily CZ - daily control zone. The area formed by important data from the futures market, which changes several times a year.

Weekly CZ - weekly control zone. The area formed by the important marks of the futures market, which changes several times a year.

Monthly CZ - monthly control zone. The area that reflects the average volatility over the past year.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Samanta Kruder,
Analytical expert
InstaForex Group © 2007-2020
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