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.

AUD/USD reversed from strong resistance zone

  • AUD/USD reversed from strong resistance zone
  • Next sell targets - 0.7500 and 0.7400

AUD/USD has been falling in the last two weeks inside the intermediate impulse wave (3) – which started earlier – when the pair reversed down from the strong resistance zone lying between the resistance levels 0.7700 and 0.7800 (which also earlier reversed the previous primary ABC correction ②, as can be seen below). The downward reversal from this resistance zone created the weekly Japanese candlesticks reversal pattern Falling Star.

AUD/USD is expected to fall down further to the next sell target at the support level 0.7500 – the breakout of which can lead to further losses toward 0.7400.


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