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: sell target - 0.7200

By: Dmitriy Chernovolov

  • AUD/USD reached sell target 0.7450
  • Next sell target - 0.7200

AUD/USD continues to decline after the pair earlier broke through the support level 0.7450, which was set as the sell target in our previous forecast for this currency pair. The pair earlier reversed up to test the former support level 0.7450 (acting as resistance now after it was broken) – from where the price reversed down sharply with the daily Japanese candlesticks reversal pattern Bearish Engulfing, as you can see below.

AUD/USD is likely to fall further toward the next sell target at the support level 0.7200 (target price for the completion of the active impulse wave (3)).


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