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

  • EUR/AUD falling inside minor impulse
  • Next sell target -1.4450

EUR/AUD continues to fall inside the minor impulse wave 3 – which started previously – when the pair reversed down from the resistance zone lying between the resistance level 1.5100, upper daily Bollinger Band and the 50% Fibonacci correction of the previous sharp downward impulse from May. The active impulse wave 3 belongs to the intermediate impulse wave (C) – increasing the probability of further losses for this currency pair.

EUR/AUD is expected to fall further toward the next strong support level 1.4450 (which reversed the previous sharp downward waves (A) and 1 in April and August respectively). The pair is likely to correct up after reaching the support level 1.4450.

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