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.

GBP/AUD: buy target - 2.0550

By: Dima Chernovolov

  • GBP/AUD reversed from support zone
  • Next buy target - 2.0550

GBP/AUD yesterday reversed up with the daily Japanese candlesticks reversal pattern Hammer from the support zone lying between the support level 2.0200 and the 38.2% Fibonacci Correction of the previous sharp upward impulse from the start of June. The upward reversal from this support zone continues the active minor impulse wave 3 (which belongs to the 3rd intermediate impulse (3) from March).

GBP/AUD is likely to rise further inside the active minor impulse wave 3 toward the next buy target at the resistance level 2.0550 (which stopped the previous impulse wave (iii)).

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