Control zones for AUDUSD on July 14, 2020

The downward movement from yesterday's US session made it possible for us to approach the WCZ 1/2 0.6912-0.6903. The test of this zone will be decisive for the upward movement, since the bullish momentum is not 100% realized. The test of WCZ 1/2 should be considered when searching for a pattern to buy the instrument.

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Working within the flat implies a partial exit from the position at the borders of the flat. The pair's growth will also lead to a test of the upper limit of the flat, where the probability of a large offer will increase.

To exit the flat, you will need to pin the pair above or below one of the control zones. This will allow us to consider forming a new impulse. The upper limit of the flat is the weekly CZ of 0.7032-0.7014. Consolidating above this zone will open the way for continuing the long-term bullish momentum.

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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