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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 - 2.1000

By: Dmitriy Chernovolov

  • GBP/AUD reached buy target 2.0550
  • Next buy target - 2.1000

GBP/AUD recently broke sharply above the resistance level 2.0550, which was set as the buy target in our previous technical analysis report for this currency pair. The breakout of this resistance level greatly accelerated the active minor impulse wave (v) – which belongs to the 3rd minor impulse 3 from the start of May.

GBP/AUD is likely to rise further in the active impulse wave 3 toward the next buy target at the resistance level 2.1000 (intersecting with the resistance trendline of the daily up channel from May). Strong support remains at 2.0550.

GBP
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