Control zones for NZDUSD on 07/03/2020

In the second half of this week, the pair resumed its upward medium-term movement. This makes it possible to hold purchases that were opened earlier. Yesterday there was a test of the weekly control zone of 0.6547-0.6532. The reaction does not look like a reversal yet, so there is a high probability of updating the weekly maximum and re-testing the zone.

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Further plans need to be made after the weekly control zone is re-tested, as keeping the price below the zone will allow you to consider sales next week.

When working within the framework of the day, you need to look at the situation that is developing at the monthly level. It is important to note that the accumulation zone was formed throughout June. This indicates the need to take into account monthly and weekly extremes for making trading decisions.

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Daily control zone. A zone formed by important data from the futures market that changes several times a year.

Weekly control zone. The zone formed by important marks of the futures market, which change several times a year.

Monthly control zone. A zone that reflects the average volatility over the past year.

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