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.

EUR/AUD: sell targets - 1.5000 and 1.4900

By: Dmitriy Chernovolov

  • EUR/AUD reversed from resistance level 1.5300
  • Next sell targets - 1.5000 and 1.4900

EUR/AUD recently reversed down sharply - after reaching the strong resistance level 1.5300 (which earlier reversed the pair in last December and in July and which was set as the buy target in our previous forecast for this currency pair). The resistance zone near 1.5300 was strengthened by the upper daily Bollinger Band. The downward reversal from 1.5300 led to the formation of the daily Japanese candlesticks reversal pattern Falling Star Doji.

With the clear bearish divergence visible on the daily RSI indicator - EUR/AUD can be expected to fall further toward the next sell targets at the support levels 1.5000 and 1.4900.

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