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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.

AUD/NZD reversed from resistance level 1.0310

  • AUD/NZD reversed from resistance level 1.0310
  • Next sell target - 1.0200

AUD/NZD continues to decline – after the earlier downward reversal from the resistance level 1.0310 (former powerful support level which stopped the previous intermediate impulse wave (1) in July, as can be seen below). The downward reversal from the resistance level 1.0310 continues the active minor impulse wave 3, which belongs to the intermediate impulse wave (3) of the primary downward impulse ③ from March.

AUD/NZD is expected to continue the downward movement toward the next sell target at the support level 1.0200 (target price for the completion of the active minor impulse wave 3).

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