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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 falling inside minor impulse wave

  • EUR/AUD falling inside minor impulse wave
  • Next sell target - 1.4600

EUR/AUD continues to fall inside the minor impulse wave (iii) – which started earlier – when the pair reversed down from the resistance zone lying between the resistance level 1.4900 (which reversed the previous minor correction (ii) in August), the upper daily Bollinger Band and the 38.2% Fibonacci correction of the previous sharp downward impulse from the middle of May.

The active impulse wave (iii) belongs to the sharp C-wave from May. EUR/AUD is expected to fall down further to the next sell target at the support level 1.4600. Strong resistance remains at 1.4900.

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