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 - 2.1400

By: Dmitriy Chernovolov

  • GBP/AUD reversed from support zone
  • Next buy target - 2.1400

GBP/AUD has been rising sharply in the last few trading sessions – following the earlier breakout of the resistance level 2.1000 (which was set as the buy target in our earlier forecast for this currency pair). The pair recently reversed up from the support zone lying between the aforementioned price level 2.1000 (acting as support now after it was broken), the upper channel line of the wide up channel from 2014 and 38.2% Fibonacci Correction of the earlier upward impulse from the end of wave (ii).

GBP/AUD is likely to rise further inside the active impulse wave (iii) toward the next buy target at 2.1400.

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