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.

GBP/AUD: buy target - 1.9600

  • GBP/AUD reversed from support zone
  • Next buy target - 1.9600

GBP/AUD continues to rise after the recent upward reversal from the support zone lying at the intersection of the support trendline of the wide daily up channel from last year and the 61.8% Fibonacci retracement of the previous upward corrective wave 2 from the end of March. The upward reversal from this support zone created the strong daily Japanese candlesticks reversal pattern Morning Star (highlighted on the daily GBP/AUD chart below).

Having just broken above the resistance level 1.9400, GBP/AUD is likely to rise further – in line with the strong daily uptrend - toward the next buy target 1.9600 (this resistance level reversed the previous minor wave 2).

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