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 - 1.4760

By: Dmitriy Chernovolov

  • EUR/AUD reversed from pivotal support level 1.4440
  • Next buy target - 1.4760

EUR/AUD continues to rise after the recent upward reversal from the pivotal support level 1.4440 (which has been reversing the price from the middle of June, as you can see below). The support zone near 1.4440 was strengthened by the lower daily Bollinger Band, the support trendline of the daily up channel from April and by the 38.2% Fibonacci Correction of the previous upward impulse from May.

EUR/AUD is likely to rise further toward the next buy target at the resistance level 1.4760 (which stopped the previous intermediate correction (2) in June).

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