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/CAD: buy target - 0.9650

By: Dima Chernovolov

  • AUD/CAD reversed from support zone
  • Next buy target - 0.9650

AUD/CAD continues to rise after the recent sharp upward reversal from the support level 0.9450 (which is the upper boundary of the powerful support zone which has been reversing this currency pair from December, as you can see from the daily AUD/CAD chart below). The lower boundary of this support zone stands at 0.9400. The latest upward reversal from this support area created the daily Japanese candlesticks reversal pattern Bullish Engulfing.

AUD/CAD is likely to rise further inside the active minor impulse wave 3 toward the next buy target at the resistance level 0.9650.

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