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 - 2.0000

By: Dima Chernovolov

  • GBP/AUD reached buy target 1.9800
  • Next buy target - 2.0000 

GBP/AUD recently broke above the strong resistance level 1.9800, which was set as the buy target in our previous forecast for this currency pair. The breakout of this resistance level continues the active minor (c)-wave from the middle of April (which started when the pair reversed up from the strong support level 1.9140). The breakout of the resistance level 1.9800 should add to the bullish pressure on this currency pair in the coming trading sessions.

GBP/AUD is likely to rise further toward the next buy target at the major round resistance level 2.0000 (which reversed the previous primary Ⓒ-wave in February). Buy stop-loss can be placed below the support level 1.9800.

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