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 - 2.2000

By: Dmitriy Chernovolov

  • GBP/AUD reversed from support zone
  • Next buy target - 2.2000

GBP/AUD recently reversed up sharply from the combined support zone lying at the intersection of the support level 2.1400 (former resistance level which reversed the previous impulse wave 1 in July), the support trendline of the daily up channel from May and the 61.8% Fibonacci Correction of the previous sharp minor impulse wave (i). The upward reversal from this support zone completed the latest minor correction (ii).

GBP/AUD is expected to rise further in the active impulse waves (iii) and 3 toward the next buy target at the resistance level 2.2000. Buy stop-loss can be placed below the aforementioned support level 2.1400.

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