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/NZD: buy target - 1.1250

By: Dmitriy Chernovolov

  • AUD/NZD reversed from pivotal support level 1.0940
  • Next buy target - 1.1250

AUD/NZD recently reversed up sharply from the pivotal support level 1.0940 (which reversed earlier waves A, (b) and (i), as you can see from the daily AUD/NZD chart below). The support zone near this support level was strengthened by the lower daily Bollinger Band and by the 38.2% Fibonacci Correction of the previous sharp upward impulse wave from April.

 The pair is likely to rise further in the active minor corrective wave (ii) toward the next buy target at the resistance level 1.1250 (which reversed the price at the end of August). Strong support remains at 1.0940.

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