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 - 1.1400

By: Dmitriy Chernovolov

  • AUD/NZD reached buy target 1.1200
  • Next buy target - 1.1400

AUD/NZD continues to rise after recently breaking through the resistance level 1.1200, which was set in our previous forecast as the buy target for this currency pair. The second corrective wave (2), which broke the resistance level 1.1200 recently stopped at the resistance level 1.1290 (as you can see below).

The price is currently trading close to the aforementioned resistance level 1.1290 – the breakout of which can lead to further gains toward the next buy target at the next strong resistance level 1.1400 (which stopped the previous primary ABC correction ④ at the start of July).

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