Closing last week's trading occurred below the Weekly Control Zone 1/2 0.6974-0.6968. This indicates a change in priority. The next target of the decline was the weekly control zone 0.6914-0.6902. The probability of reaching this zone is 75%. Meanwhile, the nearest resistance is the weekly control zone 1/4 0.6964-0.6961. The test of which will determine the model for the first half of the week.
The most favorable selling prices can be obtained if the pair can grow to Weekly Control Zone 1/2 0.6997-0.6991.
An alternative model will be developed in case the decline last Friday takes over today. This will allow us to talk about the abolition of the downward impulse. The probability of implementing this model is 30%, which makes it an auxiliary. At the same time, development towards the weakening of the Australian dollar should be a priority.
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