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/NZD under bearish pressure

  • AUD/NZD under bearish pressure
  • Next sell target - 1.0310

AUD/NZD has been falling in the last few trading sessions – following the earlier breakout of the round support level 1.0500 (which reversed the previous minor impulse wave 1). The breakout of the support level 1.0500 accelerated the active minor impulse wave 3 – which belongs to the intermediate impulse wave (3) from the middle of July.

AUD/NZD is expected to fall down further toward the next sell target at the support level 1.0310 (which reversed the previous sharp intermediate impulse wave (1) in July, as can be seen from the daily AUD/NZD chart below). Strong resistance remains at 1.0500.

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