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Dmitriy Chernovolov, Technical Analyst who has been actively following the FX markets for the last 11 years. He uses a systematic trend following approach combined with a proven money management system. Dima prefers to combine multiple technical analysis tools (e.g. Fibonacci retracements, trendlines, indicator divergences, Japanese candlesticks, Elliott Waves as well as horizontal support and resistance levels on different time-frame charts) to identify high probability synergetic trade setups with a high reward/risk ratio.

EUR/AUD reached sell target 1.4500

  • EUR/AUD reached sell target 1.4500
  • Next sell targets - 1.4300

EUR/AUD continues to fall after the earlier breakout of the long-term support level 1.4500, which has been steadily reversing this currency pair from December (as can be seen from the daily EUR/AUD chart below) and which was set as the sell target in our previous forecast for this currency pair. The breakout of the support level 1.4500 is expected to accelerate the active minor impulse wave 5, which belongs to the (C)-wave of the primary ABC correction ② from February.

If the pair closes today below the support level 1.4500 - EUR/AUD can then be expected to fall further to the next sell target at the support level 1.4300 (forecast price for the completion of the active impulse wave 5 and (C)).

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