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Control zones for NZD/USD on June 29, 2020
Today, the pair is trading between two significant zones. The main resistance is the Weekly Control Zone 1/2 0.6478-0.6471. Testing this zone will allow you to get the most favorable prices for selling the instrument. The target zone remains the weekly control zone 0.6380-0.6365. Upon reaching these levels, it is necessary to close most of the sales.
It is important to understand that the probability of continuing the bearish impulse is 75%, which makes purchases from the current levels not profitable.
The reversal pattern will be developed if today’s closing occurs above the weekly control zone 1/2. This will open the way to updating the monthly maximum. The main obstacle to growth is the monthly control zone in June. Given this fact, sales between the levels of 0.6471 and 0.6491 are profitable.
Daily CZ – daily control zone. The zone formed by important data from the futures market that changes several times a year.
Weekly CZ – weekly control zone. The zone formed by the important marks of the futures market, which change several times a year.
Monthly CZ – monthly control zone. The zone that reflects the average volatility over the past year.
The material has been provided by InstaForex Company – www.instaforex.com
