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Control zones of AUDUSD 01/10/2020

The movement of the last three days occurs within the zone of the average weekly move. The probability of closing trades below this zone is 30%, so we are seeing a stop in the decline. Now the pair is testing the first resistance zone of the WCZ 1/4 0.6883-0.6880. If the zone test leads to the formation of a sell pattern, then on Monday, it will be possible to open a short position in the direction of the continuation of the medium-term downward impulse.

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Working within the local accumulation zone allows you to use the highs of the last two days to find the point of continued fall.

Deeper correction and growth to WCZ 1/2 0.6916-0.6910 will allow you to get favorable prices for selling. This model needs to be considered, since today sales from WCZ 1/4 are not profitable and a stronger growth of the Australian dollar may be required before continuing the bearish medium-term impulse.

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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 zone formed by important marks of the futures market, which changes several times a year.

Monthly CZ - monthly control zone. The zone, which is a reflection of the average volatility over the past year.

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