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 broke key support level 1.0320

  • AUD/NZD broke key support level 1.0320
  • Next sell target - 1.0200

AUD/NZD today broke below the key support level 1.0320 (which stopped the previous intermediate impulse wave (1) at the start of July, as can be seen below). The breakout of the support level 1.0320 is expected to further accelerate the active minor impulse wave 3, which belongs to the intermediate downward impulse (3) of the primary impulse wave ③ from the middle of March.

AUD/NZD is expected to fall down further to the next sell target at the support level 1.0200 (target price calculated for the termination of the active minor impulse wave 3).

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