Control zones for AUD/USD on 12/02/19

The downward movement of the pair remains a medium-term impulse, and thus, holding a short position is the main plan. On the other hand, closing of trading in November occurred at almost the minimum of the month. This indicates a high interest of market sellers who make trading at less favorable prices.

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Working in the downward direction will be the main plan in the first week of December. The goal of the reduction is the Weekly Control Zone of 1/2 0.6739-0.6733. Now, reaching the zone will close most of the sales.

The proximity of the target zone Weekly Control Zone 1/2 suggests the need to consider the formation of a correctional model. If the zone test leads to an increase in demand and the pattern of "absorption" or "false breakdown" is formed, then purchases from the Weekly Control Zone 1/2 will come forward.

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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