Control zones AUDUSD 05/15/19

Today, the pair is trading within a weekly CZ of 0.6924-0.6911. This makes it possible to consider purchases after the pattern is formed. It is important to note that AUDUSD has already reached the average weekly movement zone. This is in favor of the appearance of buyers. For those who sold the instrument, this is a good price for consolidating a short position by 100%, since the correctional movement can continue until the second half of next week.

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Work in the direction of a correction suggests the need to consolidate part of purchases when reaching the first resistance zone, which is the WCZ 1/2 0.6967-0.6960. This will eliminate the loss of profit in case of continued downward momentum.

An alternative model will be to continue to decline from current levels. The probability of implementing this model is below 30%, so sales are not profitable until the trading week closes. Favorable prices for selling are now located within the WCZ 1/2 noted above. Retention of sales is also not profitable, because it significantly increases the likelihood of forming a deep correctional model, which can lead to the removal of stops even at very high prices.

The material has been provided by InstaForex Company - www.instaforex.com