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 reversed from strong resistance level 1.0200
  • Next sell target - 1.0000

By: Dima Chernovolov

AUD/NZD recently reversed down from the strong resistance level 1.0200 (the pair earlier made a few unsuccessful attempts to break above this resistance level, as you can see below). The resistance zone near 1.0200 was further strengthened by the 38.2% Fibonacci Correction of the previous sharp minor impulse wave (i) from the start of March. The downward reversal from the resistance level 1.0200 created the daily Japanese candlesticks reversal pattern Dark Cloud Cover (highlighted below).

AUD/NZD is likely to fall further inside the active minor impulse wave 3 toward the next sell target at the parity (which reversed the previous minor impulse (i) at the start of this month).

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