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.

EUR/AUD: sell target – 1.4100

By: Dima Chernovolov

  • EUR/AUD reversed from resistance zone
  • Next sell target – 1.4100

EUR/AUD today reversed down sharply from the resistance zone lying between the resistance level 1.4380 (which also previously reversed the price in April and in March as you can see below), the upper daily Bollinger Band and the 38.2% Fibonacci Correction of the previous downward impulse wave from the middle of December. Given the strength of this resistance zone - EUR/AUD is likely to fall further in the nearest time.

The pair is likely to fall to the next sell target at the support level 1.4100. Sell stop-loss can be placed at the distance of half the daily ATR (average true range) above the resistance level 1.4380.

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