Control zones for AUD/USD on June 26, 2020
The main direction of trading today is downwards, at which more favorable sell positions will be available, after the quotes form a reversal pattern in the charts. Today, the pair tested the WCZ 1/4 0.6897-0.6893, which gives light to sell positions in the market. The target of the bearish move is the weekly control zone 0.6796-0.6778.
The bearish mood may persist in the market next week as well, which will help keep sell positions and allow additional entries for short positions.
Meanwhile, a resumption of growth is unlikely to happen, so consider it only if today’s trading closes above the WCZ 1/4, as it will continue movement within the medium-term accumulation zone formed in June.
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 material has been provided by InstaForex Company – www.instaforex.com