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: next buy target - 1.4200

• EUR/AUD reversed from support zone

• Next buy target - 1.4200


EUR/AUD recently corrected up sharply from the strong support zone lying between the support levels 1.3800 and 1.3700 (this level was set as the sell target in our previous report for this currency pair). The upward correction from this support zone recently reversed down from the resistance level 1.4000 (former strong support level which reversed the previous impulse waves 3 and (1) in the middle of January, as you can see from the daily EUR/AUD chart below).


EUR/AUD today broke above the aforementioned resistance level 1.4000 – which should further accelerate the active minor upward correction toward the next buy target at the resistance level 1.4200 (standing near the 38.2% Fibonacci Correction of the previous minor downward impulse 1).

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