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 - 1.5000

By: Dmitriy Chernovolov

  • EUR/AUD reached buy target 1.4760
  • Next buy target - 1.5000

EUR/AUD recently broke sharply above the strong resistance level 1.4760 (which reversed previous waves (A) and B and which was set as the buy target in our previous forecast for this currency pair). The breakout of this resistance level intensified the bullish pressure on EUR/AUD – accelerating the active impulse wave 1 – which belongs to the intermediate (C) of the primary ABC correction ② from April.

EUR/AUD is likely to rise further toward the next buy target at the round resistance level 1.5000 (target price for the completion of wave (C)).

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