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 - 1.5300

By: Dmitriy Chernovolov

  • EUR/AUD reached buy target 1.5000
  • Next buy target - 1.5300

EUR/AUD continues to rise after the price earlier broke sharply above the round resistance level 1.5000, which was set as the buy target in our previous forecast for this currency pair. The breakout of this resistance level accelerated the active impulse wave 3 – which belongs to the intermediate (C)-wave from the end of June (which is a part of the primary ABC correction ② from April).

EUR/AUD is likely to rise further inside the accelerated impulse wave 3 toward the next buy target 1.5300 (target price for the completion of (C)-wave, intersecting with the resistance trendline of the daily up channel from April).


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