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/CAD: buy target - 0.9750

By: Dmitriy Chernovolov

  • AUD/CAD reached buy target 0.9650
  • Next buy target - 0.9750

AUD/CAD today broke above the resistance level 0.9650, which was set as the buy target in our previous forecast for this currency pair. The price earlier reversed up sharply from the powerful support zone lying between the support levels 0.9400 and 0.9450 (this support zone has been reversing the pair from December, as you can see below). The latest upward impulse 3 from this support zone earlier broke the resistance trendline from March.

AUD/CAD is expected to rise further in the active impulse wave 3 toward the next buy target at the resistance level 0.9750 (which reversed previous wave (ii) In May).

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