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 target - 0.9300

By: Dmitriy Chernovolov

  • AUD/CAD reached sell targets 0.9400 and 0.9350
  • Next sell target - 0.9300

AUD/CAD recently fell sharply – breaking through the pivotal support levels 0.9400 and 0.9350 – both of which were set in our previous forecast as the sell targets for this currency pair. The breakout of these support levels is likely to strengthen the bearish pressure on AUD/CAD in the coming trading sessions.

The price is likely to fall further in the active, accelerated minor impulse waves (iii) and 3 (which belong to the intermediate impulse wave (3) from the start of August, as you can see below) toward the next sell target at the support level 0.9300. Sell stop-loss can be placed above the resistance level 0.9400.

Scroll to top