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 – 0.7900

By: Dima Chernovolov


  • AUD/USD reversed from support level 0.7620
  • Next buy target – 0.7900


AUD/USD continues to rise after the recent sharp upward reversal from the support level 0.7620. This support level is the upper boundary of the support zone lying between price levels 0.7620 and 0.7540 – which has been reversing this currency pair from the start of February (as you can see below). Given the fact that the daily Stochastic indicator is still moving in the oversold territory AUD/USD can be expected to correct up in the coming trading sessions.

AUD/USD is likely to rise to the next buy target 0.7900. Buy stop-loss can be placed inside the aforementioned support zone – e.g. at 0.7540.

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