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/USD: buy target - 0.8000

By: Dima Chernovolov

  • AUD/USD broke resistance level 0.7850
  • Next buy target - 0.8000

AUD/USD continues to rise inside the C-wave of the intermediate ABC correction (4), which started earlier this month when the pair reversed from the strong support level 0.7570 (which also reversed the price in the middle of March and also, previously this month - thereby completing the earlier B-wave). The active C-wave recently broke the resistance level 0.7850 (which has been repeatedly reversing this currency pair from the start of February, as you can see from the daily AUD/USD chart below).

AUD/USD is likely to rise further toward the next buy target at the round resistance level 0.8000 (forecast price for the completion of the active C-wave). Buy stop-loss can be placed below 0.7850.

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