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/USD : next sell target - 0.7640

  • AUD/USD completed intermediate ABC correction (4)
  • Next sell target - 0.7640

AUD/USD continues to decline after the recent downward reversal from the combined resistance area lying between the following resistance levels: the upper resistance trendline of the daily up channel from February (which has enclosed the previous intermediate ABC correction (4)), the 50% Fibonacci Correction of the previous downward impulse from the middle of January, the resistance level 0.7860 (which reversed the price at the end of February) and the upper daily Bollinger Band. The downward reversal from this resistance zone completed the latest ABC correction (4).


AUD/USD is likely to continue to fall in the nearest time toward the next sell target at the support level 0.7640. Sell stop-loss can be placed at the distance of one daily ATR above the resistance level 0.7860.


Scroll to top