The movement at the end of last week led to the formation of a reversal downward model. Work towards selling the Australian dollar has now come to the fore. Selling from current marks are not profitable, so you will need to get more favorable prices. The first resistance will be broken through the NKZ 1/2 0.7101-0.7095, a return to which will make it possible for you to consider the pattern for selling the instrument.
The target for a decline is the weekly KZ 0.7034-0.7020. Achieving this zone will make it possible to consolidate most of the sales, and move the rest to breakeven. This week's priority is to work in a downward direction.
For formulating an alternative model of medium-term accumulation, it will be necessary to close trades near the daily average movement. This will form a model in the future, which will provide more favorable prices for selling the instrument, however, it will also cancel short transactions from the above resistance zone. The probability of forming this model is 30%, which makes it a support.
Daily KZ - daily control zone. The zone formed by important data from the futures market, which change several times a year.
Weekly KZ - weekly control zone. The zone formed by the important marks of the futures market, which change several times a year.
Monthly KZ - 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