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: buy target - 2.2000

By: Dmitriy Chernovolov

  • GBP/AUD reversed from support area
  • Next buy target - 2.2000

GBP/AUD continues to rise after the recent upward reversal from the support zone lying between multiple support levels: the support trendline of the daily up channel from May, the lower daily Bollinger Band, the support level 2.1400 (which also previously reversed the A-wave of the latest minor ABC correction 4 from the end of August) and the 50% Fibonacci Correction of the previous minor impulse wave (v).

The upward reversal from this support area completes the previous minor corrective wave 4. GBP/AUD is likely to rise further inside the next impulse wave 5 toward the next buy target at the resistance level 2.2000.


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