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 support zone

  • AUD/NZD reversed from support zone
  • Next buy target - 1.0700

AUD/NZD continues to rise – following the earlier sharp upward reversal from the support zone lying between the support levels 1.0300, 1.0200 and the lower weekly Bollinger Band. The upward reversal from this support zone created the weekly Japanese candlesticks reversal pattern Morning Star – which stopped the previous minor impulse wave 3.

With the clear bullish divergence that can be seen on the weekly Stochastic indicator – AUD/NZD is expected to rise further in the direction of the next buy target 1.0700 (which reversed the previous waves (2) and 2).

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