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 reached buy target 1.0000

  • AUD/CAD reached buy target 1.0000
  • Next buy target - 1.0100

AUD/CAD recently reached the round resistance level 1.0000 (which was set as the buy target in our previous forecast for this currency pair). The price has been rising steadily in the last few trading sessions inside the 3rd minor impulse wave 3 – which started previously – when the price reversed up from the support zone lying between the strong support level 0.9800, lower daily Bollinger Band and the 38.2% Fibonacci correction of the previous sharp upward impulse from May.

If the pair closes today above the parity - AUD/CAD can then rise to the next buy target at the next resistance level 1.0100 (which reversed the earlier sharp intermediate impulse wave (1) in August).


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