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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.

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 pivotal resistance level 1.7650 (which has been reversing the price from July), upper daily Bollinger Band and the 61.8% Fibonacci correction of the previous sharp downward impulse wave from the end of June. The downward reversal from this resistance zone started the (b)-wave of the active minor ABC correction 4.

GBP/AUD is expected to fall down further to the next sell target at the round support level 1.7000 (target price calculated for the completion of the active (b)-wave). Sell stop-loss can be placed above the aforementioned  resistance level 1.7650.

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