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.

EUR/AUD: buy target - 1.6200

By: Dmitriy Chernovolov

  • EUR/AUD reversed from support zone
  • Next buy target - 1.6200

EUR/AUD continues to rise after recently reversing up twice from the support zone lying between the support level 1.5800 and the 38.2% Fibonacci Correction of the previous sharp upward impulse wave from the start of August. This support zone was further strengthened by the upper channel line of the daily up channel from April (acting as support now after it was broken).

EUR/AUD is likely to rise further in the active impulse wave 3 and (3) toward the next buy target at the resistance level 1.6200 (which stopped the previous minor impulse wave 1 at the start of August, as you can see below). Strong support remains at 1.5800.

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