Last weekend, a weekly short-term test of 149.58-149.20 occurred which led to the emergence of demand. As the current week begins, the priority is an increase in the lower control zone.
Medium-term plan.
The impulse movement at the end of November and the beginning of December is the determining structure. The downward movement, from the perspective of medium-term prospects, remain positioned as a corrective one. This is due to the fact that the course failed to overcome the week-long short-term control zone (KZ) of 149.58-149.20. While this zone is supportive the upward movement will remain a bullish impulse. Purchases from the limits of the control zone can be partially fixed on the nearest lower resistance zone, and the rest is left whenever the pair will rise to the December highs.
To form an alternative reduction model, it will be necessary to consolidate below the level of 149.20 at one of the American sessions. This will allow considering a reversal model of the medium-term period.
Intraday plan.
Today, an upward movement is a priority. The weekly control zone (NZK) is currently being tested 1/4 150.43-150.34. The fastening above this zone will allow the rate to rise further to the NKZ 1/2 151.48-151.29, where the next course of the last descending movement will be determined. This control zone is located outside the daily average, so the test may take a little longer. The fastening above the level of 151.48 at one of the American sessions will allow talking about the continuation of growth to the weekly KZ 153.57-153.19.
Daytime CP is the daytime control zone. The zone formed by important data from the futures market, which change several times a year.
Weekly CP is the weekly control zone. The zone formed by important futures market marks, which change several times a year.
Monthly CP is the monthly control zone. The zone is a reflection of the average volatility over the past year.
* The presented market analysis is informative and does not constitute a guide to the transaction.
