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 – 1.4750

By: Dima Chernovolov

  • EUR/AUD reversed from support zone
  • Next buy target – 1.4750

EUR/AUD recently reversed up from the support zone lying between the support level 1.4440 (former strong resistance level which stopped and reversed the sharp intermediate corrective wave (4) in April, as you can see below) and the 38.2% Fibonacci Correction of the previous sharp upward impulse from the end of May. The pair formed two daily Dojis (Japanese candlestick reversal patterns) near this support zone.

EUR/AUD is likely to rise further toward the next buy target at the resistance level 1.4750 (which stopped the previous intermediate (A)-wave).


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