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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.

AUD/NZD: sell target – 1.0000

• AUD/NZD reached sell target 1.0300

• Next sell target – 1.0000

 

AUD/NZD continues to fall after recently breaking down below the support level 1.0300, which was set as the sell target in our previous forecast for this currency pair. The breakout of this support level intensified the bearish pressure on this currency pair – accelerating the currently active minor impulse wave (iii) which belongs to the 3rd minor impulse 3 from the end of January (as you can see from the daily AUD/NZD chart below).

 

The pair is currently approaching the support level 1.0100. With the daily Momentum indicator moving close to the yearly lows, AUD/NZD can be expected to fall further toward the next sell target at the parity – provided that the pair closes this week below the support level 1.0100.

AUD
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