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 - 2.1600

By: Dmitriy Chernovolov

  • GBP/AUD reached buy target 2.1400
  • Next buy target - 2.1600


GBP/AUD recently reversed up from the support trendline of the daily up channel from May. The upward reversal from this support trendline accelerated the active minor impulse wave 5 (which is a part of the intermediate impulse wave (3) from March) – helping the pair reach the resistance level 2.1400 (which was set as the buy target in our previous forecast for this currency pair).

 If the price breaks above the resistance level 2.1400 - GBP/AUD can then rise further in the active impulse waves 5 and (3) toward the next buy target at the resistance level 2.1600. Buy stop-loss can be placed below the aforementioned support trendline.

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