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: sell target - 1.4000

  • EUR/AUD reached buy target 1.4400
  • Next sell target - 1.4000


EUR/AUD recently reversed down sharply after the pair reached the resistance level 1.4400 – which was set as the buy target in our previous forecast for this currency pair. The resistance zone near 1.4400 was strengthened by the upper daily Bollinger Band, by the resistance trendline of the daily down channel from the middle of last December and by the 61.8% Fibonacci Retracement of the earlier sharp downward impulse 1 from the start of February (as you can see from the daily EUR/AUD chart below).


Having just completed the previous minor correction 2, EUR/AUD is likely to fall further toward the next sell target at the round support level 1.4000.

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