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 continues to rise – after the recent sharp upward reversal from the strong support zone lying between the support level 2.0920 (which earlier reversed the pair in July), the lower daily Bollinger Band and the 38.2% Fibonacci Correction of the previous sharp impulse wave (v) from June. The upward reversal from this support zone stopped the previous (c)-wave of the active minor ABC correction 4.

GBP/AUD is likely to rise further in the active intermediate impulse wave (3) toward the next buy target at the resistance level 2.1400 (which reversed the previous minor impulse 3 in July).

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