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: sell target - 1.0800

By: Dmitriy Chernovolov

  • AUD/NZD falls inside (c)-wave
  • Next sell target - 1.0800

AUD/NZD has been falling strongly in the last few trading sessions inside the (c)-wave of the minor ABC correction B from the start of this month. This (c)-wave started earlier- when the pair failed to break above the strong resistance level 1.1400. The price then broke through the support trendline of the daily up channel from the start of March and the support level 1.1000 (which stopped earlier (a)-wave)).

With the clear bearish divergence visible on the daily RSI indicator - AUD/NZD can be expected to fall further in the active (c)-wave toward the next sell target at the support level 1.0800.

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