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.

EUR/AUD falling inside minor impulse wave

  • EUR/AUD falling inside minor impulse wave
  • Next sell targets - 1.4600 and 1.4500

EUR/AUD has been falling in the last few trading session inside the minor impulse wave (iii) – which started previously – when the pair reversed down from the resistance zone located between the prominent resistance level 1.5100, upper daily Bollinger Band and the 50% Fibonacci correction of the previous downward impulse from the middle of May.

EUR/AUD is expected to continue the downward movement in the active impulse waves (iii) and C toward the next sell target at the support level 1.4600 – the breakout of which can lead to further losses toward the next major support level 1.4500.

Scroll to top