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 - 1.1200

By: Dmitriy Chernovolov

  • AUD/NZD reversed from support zone
  • Next buy target - 1.1200

AUD/NZD recently reversed up sharply from the strong support zone lying between the pivotal support level 1.0900 (former strong resistance level which reversed earlier waves 3 and (i) in May and June, as you can see from the daily AUD/NZD chart below), the lower daily Bollinger Band and the 50% Fibonacci Correction of the previous sharp upward impulse from the start of May. The upward reversal from this support zone started the active minor correction 2.

AUD/NZD is likely to rise further in the active minor wave 2 toward the next buy target at the resistance level 1.1200. Strong support remains at 1.0900.

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