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.

GBP/AUD: sell target - 2.1250

By: Dmitriy Chernovolov

  • GBP/AUD reached buy target 2.2000
  • Next sell target - 2.1250

GBP/AUD has been falling strongly in the last few trading sessions inside the (c)-wave of the active minor ABC correction from the end of August. This (c)-wave started earlier, when GBP/AUD reversed down from the resistance level 2.2000, which was set as the buy target in our previous forecast for this currency pair. This resistance level also previously reversed the earlier sharp minor impulse wave 3 at the end of August.

GBP/AUD is currently trading close to the support level 2.1420 (which reversed earlier wave (a) of the active ABC correction 4). If the pair breaks this support level - GBP/AUD can then fall to the next sell target at 2.1250 (target price for the completion of the active (c)-wave).

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