The NZD/USD pair is trading between two significant zones today. The resistance is in the weekly control zone 1/2 0.6012-0.6005. As long as the price is below this zone, the downward movement remains an impulse. The probability of updating the weekly minimum is 75%, which allows us to consider sales when the specified zone is being tested.
The accumulation zone formed by the movement during the last four days is the main one for creating trading plans. It is necessary to use extremes to find patterns for buying and selling the pair.
The option to cancel the downward movement will be developed if the closing of today's trading occurs above the WCZ 1/2. This will open the way for growth to a weekly control zone of 0.6095-0.6080. Therefore, it is important to understand that this will all work within the medium-term accumulation zone, so purchases should be partially consolidate when updating the maximum of the current week.
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