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: sell target - 0.9500

  • AUD/CAD broke support level 0.9640
  • Next sell target - 0.9500


AUD/CAD recently reversed down sharply after the pair reached the resistance level 0.9850, which was set as the buy target in our previous forecast for this currency pair. The downward reversal from 0.9850 completed the previous minor corrective B-wave and started the latest sharp downward correction C (which is a part of the intermediate ABC correction (2) from January). This C-wave earlier broke the daily Triangle from December and the strong support level 0.9640 (which has been reversing the pair from the start of February).


AUD/CAD is likely to fall further inside the active C-wave toward the next sell target 0.9500 (forecast price for the completion of the larger ABC correction (2), intersecting with the support trendline from last year).

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