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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 - 0.6900

By: Dmitriy Chernovolov

  • AUD/USD reached sell target 0.7100
  • Next sell target - 0.6900

AUD/USD continues to fall after the pair yesterday broke below the support level 0.7100, which was set in our previous forecast as the expected target for the downward movement of this currency pair. The breakout of this support level accelerated the active intermediate impulse wave (5) (which recently started with the daily Shooting Star from the resistance level 0.7230 and which belongs to the primary downward impulse wave ③ from May).

The pair is likely to fall in the active impulse waves (5) and ③ - in line with the strong downtrend visible on the daily charts – toward the next sell target at the support level 0.6900.

AUD
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