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/CAD rising inside minor impulse wave

  • AUD/CAD rising inside minor impulse wave
  • Next buy target - 1.0000

AUD/CAD continues to rise inside the minor impulse wave (iii) – which started earlier – when the pair reversed up from the support zone lying between the support level 0.9800 (which also previously reversed the wave 2 with the daily Morning Star in August, as can be seen from the daily AUD/CAD charts below), the lower daily Bollinger Band and the 38.2% Fibonacci correction level of the previous sharp upward impulse wave 1 from May.

AUD/CAD is expected to rise further in the active impulse waves (iii), 3 and (C) toward the next buy target at the resistance level 1.0000.  Strong support remains at the aforementioned support level 0.9800.

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