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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: buy target - 1.4400

  • EUR/AUD reached buy target 1.4200
  • Next buy target - 1.4400

 

EUR/AUD today broke the resistance level 1.4200, which was set as the buy target in our previous report for this currency pair. The breakout of this resistance level continues the active minor corrective wave 2 (belonging to the 3rd intermediate impulse (3) from February), which started in the middle of March – when EUR/AUD reversed up from the strong support zone between support levels 1.3700 and 1.3800 (which stopped the previous minor impulse wave 1, as you can see from the daily EUR/AUD chart below).

 

EUR/AUD is likely to rise further inside the active minor correction 2 toward the next buy target at the resistance level 1.4400. Buy stop-loss can be placed at the distance of one daily ATR below the recently broken former resistance level 1.4200.

 

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