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.

GBP/AUD reversed from resistance zone

  • GBP/AUD reversed from resistance zone
  • Next sell target - 1.7000

GBP/AUD recently reversed down from the resistance zone lying between the resistance level 1.7500, 61.8% Fibonacci correction of the previous minor impulse wave 3 and the lower trendline of the wide weekly down channel from last year (acting as resistance now after it was broken in July). This trendline earlier reversed waves 2 and (b), as can be seen from the daily GBP/AUD chart below.

GBP/AUD is expected to fall down further inside the active (b)-wave of the minor ABC correction 4 toward the next sell target 1.7000. Sell stop-loss can be placed above the aforementioned resistance level 1.7500.

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