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02.09.202007:39 Forex Analysis & Reviews: Control zones for AUD/USD on 09/02/2020

Yesterday's decline during the US trading session allowed us to form a correctional pattern. The determining support is the WCZ 1/2 0.7325-0.7316. The level of 0.7322 is within this zone, so there is a 90% probability that we will reach the indicated level.

Exchange Rates 02.09.2020 analysis

Now, if testing the Weekly Control Zone 1/2 leads to the formation of an "absorption pattern" to buy, the long position will become the main one in the second half of the week. The growth target, in turn, will be the high of the current week.

To form a reversal pattern, it is necessary to close today's trading below the WCZ 1/2. This will indicate a change in priority, and sales will come forward. There is a 30% chance that this will be implemented, which makes it an auxiliary one.

Exchange Rates 02.09.2020 analysis

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 market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Samanta Kruder,
Analytical expert of InstaSpot
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