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 reversed from resistance zone

  • AUD/CAD reversed from resistance zone
  • Next sell target - 0.9900

AUD/CAD has been under strong bearish pressure lately - following the earlier sharp downward reversal from the resistance zone lying at the intersection of the major resistance level 1.0190 (which has been reversing the price from last December, as can see below) and the upper weekly Bollinger Band.

The downward reversal from the aforementioned resistance zone created the weekly Japanese candlesticks reversal pattern Falling Star (this resistance zone also created the weekly Evening Star in December). AUD/CAD is expected to fall down further to the next sell target at the support level 0.9900.

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