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/USD: sell target - 0.7100

By: Dmitriy Chernovolov

  • AUD/USD reversed from resistance zone
  • Next sell target - 0.7100

AUD/USD recently reversed down from the resistance zone lying between the resistance level 0.7230 (former monthly low from July, which stopped the previous impulse wave 3), the upper daily Bollinger Band and the 38.2% Fibonacci Correction of the previous sharp intermediate impulse wave (3) from July - as you can see from the daily AUD/USD chart below.

The downward reversal from this resistance zone created the daily Japanese candlesticks reversal pattern Falling Star – marking the end of the previous wave (4). AUD/USD is likely to fall further in the next impulse wave (5) toward the next sell target at the support level 0.7100.

Scroll to top