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 falling inside minor impulse wave

  • GBP/AUD falling inside minor impulse wave
  • Next sell target - 1.6500

GBP/AUD continues to fall inside the minor impulse wave 3, which previously broke through the two consecutive support levels: 1.6730 (previous sell target set in our earlier forecast for this currency pair) and 1.6300. The breakout of these support levels accelerated the active impulse wave 3 – which belongs to the sharp intermediate impulse wave (3) of the primary Ⓒ-wave from May.

GBP/AUD is expected to fall down further to the next sell target at the support level 1.6500 (forecast price calculated for the completion of the active intermediate impulse wave (3)).

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