Control zones for AUDUSD on 08/24/20

Last week's close was below the WCZ 1/2 0.7178-0.7178, indicating a change in priority. Sales come to the fore. Growth should be used to search for a sell pattern. The main resistance will be the WCZ 1/2 0.7236-0.7227.

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The target of the bearish pattern is the weekly control zone of 0.7097-0.7079. Reaching this zone will allow you to cover a large part of sales.

A weekly absorption pattern was formed on the higher timeframe. This can be a starting point in forming a corrective downward movement of the monthly level. The end of August is more likely to take place under the dictation of sellers.

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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