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Since the downward movement continues to be a trend on the medium-term, selling prices of the AUD/USD pair are favorable. Any growth should be considered as the formation of a pattern towards the continuation of the bearish momentum.
The current resistance is the weekly short-term limit of 0.6245-0.6230.
As of the moment, the pair is trading outside the average weekly move, which may cause the decline to stop, and form a corrective model. It can be used to find the best selling prices.
On the other hand, an alternative model will develop, if an "absorption" pattern forms in the daily level. Nevertheless, the closing of today's trading should be higher than yesterday's opening, which will form a medium-term accumulation zone, where we can consider long positions as the main one for the second half of the month. Meanwhile, the probability of a reversal is still below 25%.
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 area formed by important marks of the futures market, which changes several times a year.
Monthly CZ - monthly control zone. The area, which is a reflection of the average volatility over the past year.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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