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/USD: possible upward correction to 0.7450

 By: Dmitriy Chernovolov

  • AUD/USD broke strong support zone
  • Possible upward correction to 0.7450

AUD/USD recently broke sharply down through the support zone lying between the support levels 0.7550 and 0.7620. This support zone has been repeatedly reversing up this currency pair from the middle of March –as you can see from the daily AUD/USD chart below. The breakout of this support zone intensified the bearish pressure on AUD/USD – accelerating the active minor impulse wave 3.

The price might correct up to the resistance level 0.7550 – from where the pair is likely to reverse down toward the next strong support level 0.7450.

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