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 - 0.9250

By: Dmitriy Chernovolov

  • AUD/CAD reached sell target 0.9300
  • Next sell target - 0.9250 

AUD/CAD recently corrected up – after the pair reached the support level 0.9300 (which was set as the sell target in our previous forecast for this currency pair). After breaking this support level – the pair fell to the next strong support level 0.9250 – from where it corrected up sharply to the resistance zone lying between the resistance level 0.9350 and the 38.2% Fibonacci Correction of the previous downward impulse wave from the end of August.

AUD/CAD is likely to fall further in the active impulse waves 3 and (3) toward the next sell target at the support level 0.9250 (which stopped previous impulse wave (i)).

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