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: sell target - 1.0900

By: Dmitriy Chernovolov

  • AUD/NZD reversed from resistance level 1.1400
  • Next sell target - 1.0900 

AUD/NZD recently reversed down sharply from the resistance level 1.1400 - which stopped previous waves 3 and (b) and which was set as the buy target in our previous forecast for this currency pair. The resistance zone near 1.1400 was strengthened by the upper daily Bollinger Band. The sharp downward reversal from this resistance level completed the previous primary ABC correction ④.

Having recently broken the daily up channel from May - AUD/NZD can be expected to fall further toward the next sell target at the support level 1.0900 (which reversed the previous wave 4 in July, as you can see below).

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