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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.

GBP/AUD reached sell target 1.7000

  • GBP/AUD reached sell target 1.7000
  • Next sell target - 1.6730

GBP/AUD has been under strong bearish pressure lately – following the earlier downward reversal from the resistance area lying between the resistance level 1.7650 (which has been reversing the price from the middle of July), upper daily Bollinger Band and the 38.2% Fibonacci correction of the previous sharp downward impulse form June.

Having recently broken through the support level 1.7000 (previous sell target) - GBP/AUD is expected to fall further in the direction of the next sell target at the strong support level 1.6730 (low of impulse (5) and the target price for the completion of the active wave 2).

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