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/CAD: sell targets - 0.9400 and 0.9350

By: Dmitriy Chernovolov

  • AUD/CAD reached sell target 0.9450
  • Next sell targets - 0.9400 and 0.9350 

AUD/CAD has been under strong bearish pressure lately – falling inside the minor impulse wave (iii) – which belongs to the 3rd impulse wave 3 - which started earlier , when the pair reversed down from the strong resistance level 0.9750 (as you can see from the daily AUD/CAD chart below). The price earlier reached the support level 0.9450, which was set as the sell target in our previous forecast for this pair.

AUD/CAD is likely to fall further inside the accelerated impulse waves (iii) and 3 toward the next sell targets at the support levels 0.9400 (low of waves 1 and (b)) and 0.9350.

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