Control zones for NZD/USD on 08/31/20

Last week's growth allowed us to form the absorption pattern of the weekly level. This means that the last high of the month will be tested again this week. At the same time, there is an 80% probability that the upward trend will continue, which makes buying profitable in the medium-term.

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The most favorable purchase prices are within the weekly CZ 1/2 0.6666-0.6659. The growth target is the WCZ 0.6816-0.6801.

On the other hand, the probability of canceling the bullish impulse and absorbing Friday's growth is 20%, which makes selling unprofitable. To cancel growth, closing today's trading below Friday's low is necessary.

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Daily CZ - daily control zone. The zone 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 change several times a year.

Monthly CZ - monthly control zone. The zone, which reflects the average volatility over the past year.

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