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: buy target – 1.4800

By: Dima Chernovolov

  • EUR/AUD broke resistance level 1.4400
  • Next buy target – 1.4800

EUR/AUD recently broke sharply above the pivotal resistance level 1.4400 (which has been reversing the price from the start of April, as you can see below). The breakout of this resistance level accelerated the active C-wave which is a part of the intermediate ABC correction (2) from the end of April – as you can see from the daily EUR/AUD chart below.

EUR/AUD is likely to rise further inside the active C-wave toward the next buy target 1.4800 (intersecting with the resistance trendline of the daily up channel from April; this resistance level earlier reversed waves 2 and (ii) in February). Strong support remains at 1.4400.

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