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/USD falling inside intermediate impulse wave (3)

  • AUD/USD falling inside intermediate impulse wave (3)
  • Next sell target - 0.7410

AUD/USD recently reversed down sharply from the strong resistance zone lying between the resistance levels 0.7700, 0.7800, upper weekly Bollinger Band and the 61.8% Fibonacci retracement level of the earlier sharp downward impulse from the start of 2015, as can be seen below. The downward reversal from this resistance zone created the weekly Japanese candlesticks reversal pattern Shooting Star (highlighted below).

AUD/USD is expected to fall down further in the active intermediate impulse wave (3) toward the next sell target at the support level 0.7410 (low of the previous B-wave from July).

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