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/NZD: buy target - 1.1400

By: Dmitriy Chernovolov

  • AUD/NZD reversed from support zone
  • Next buy target - 1.1400

AUD/NZD continues to rise after the price previously reversed up from the support zone lying at the intersection of the following support levels: the support level 1.1000, lower daily Bollinger Band, support trendline of the daily up channel from May and the 50% Fibonacci Correction of the previous upward impulse from the end of May (as you can see from the daily AUD/NZD chart below).

The upward reversal from the aforementioned support zone completed the previous minor ABC correction (iv) – starting the active impulse wave (v). AUD/NZD is likely to rise further to the next buy target at 1.1400.

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