The downward movement is a strong medium-term structure. The probability of continuing to fall is above 70%, which makes it possible to find favorable prices for selling the instrument. Purchases opened on Friday should be transferred to breakeven after testing the nearest resistance zone. The first obstacle to growth will be WCZ 1/4 0.6798-0.6794.
Keeping the price below the specified zone will indicate the continuation of the downward movement without forming a deep correction zone. Work towards the weakening of the Australian dollar can be continued, as the repayable debt to the average course of the last week has already occurred.
An alternative model of deeper correction will be developed if the pair can grow to WCZ 1/2 0.6835-0.6828. This will open deals at the best prices. It is important to understand that the movement to the WCZ 1/2 will allow the formation of a local accumulation zone, where Friday extremes will become the main levels of support/resistance.
Daily CZ - daily control zone. The area formed by important data from the futures market, which change several times a year.
Weekly CZ - weekly control zone. The zone formed by important marks of the futures market, which change several times a year.
Monthly CZ - monthly control zone. The zone, which is a reflection of 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.
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