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 - 1.9800

By: Dima Chernovolov

  • GBP/AUD reached buy target 1.9600
  • Next buy target - 1.9800

GBP/AUD recently broke above the resistance level 1.9600 (which was set as the buy target in our previous report for this currency pair). The price earlier reversed up sharply from the support zone lying between the support trendline of the wide daily up channel from November, the lower daily Bollinger Band, the support level 1.9140 and 61.8% Fibonacci Correction of the previous upward wave (a). The upward reversal from this support zone created the strong daily Japanese candlesticks reversal pattern Morning Star.

GBP/AUD is likely to rise further to the next buy target at the resistance level 1.9800 (which reversed the previous wave 2). Buy stop-loss can be placed below the support level 1.9600.

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