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/USD: sell target - 0.6900

By: Dmitriy Chernovolov

  • AUD/USD reversed from resistance zone
  • Next sell target - 0.6900

AUD/USD recently reversed down from the resistance zone lying between the resistance level 0.7200 and the 38.2% Fibonacci Correction of the previous sharp downward impulse wave (iii) from the start of August. The downward reversal from this resistance zone completed the latest minor corrective wave (iv) – starting the active impulse (v) – which belongs to the impulse wave 3 of the intermediate impulse (3) from June.

AUD/USD is expected to fall further in the active impulse waves (v), 3 and (3) toward the next sell target at the support level 0.6900 (target price calculated for the completion of wave (3)).

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