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Forex Analysis:::2019-02-19

Control zones of NZD/USD pair on 02/19/19

Today, the pair is trading near the a control zone, which is the defining support. If the course fails to consolidate below this zone, the upward movement will continue and the maximum of a week will be updated with a 70% probability.

At the height of the Asian trading session, the NZD/USD pair approaches the defining support of the a CZ at 0.6820-0.6813. A test of this zone will indicate further priority. The emergence of demand will oblige to open a long position, the first goal of which will be the local maximum of the current week. The main target for growth will be the 1/2 CZ of 0.6950-0.6943, which was formed from a weekly CZ. The last upward movement is still an impulse that makes purchases profitable at a distance.

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On the higher timeframe, the movement looks like a long-term zone of accumulation, therefore, the achievement of the February maximum can be decisive for the bullish momentum. This requires a partial closing position when updating the weekly high.

An alternative model will be developed in case the pair can break through and consolidate below the 1/2 CZ of 0.6820-0.6813. This will lead to the formation of a bearish momentum and the emergence of new goals on the downward movement. The first goal will be the weekly CZ of 0.6750-0.6736, which will coincide with the zone of the February offer.

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Daily CZ - daily control zone. The area formed by important data from the futures market that change several times a year.

Weekly CZ - weekly control zone. The area formed by marks from important futures market which change several times a year.

Monthly CZ - monthly control zone. The area is a reflection of the average volatility over the past year.

photo
Samanta Kruder
Analyst InstaForex
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