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 rises inside minor correction (ii)
  • Next buy target - 1.6200

EUR/AUD recently reversed up strongly from the combined support zone lying between the support level 1.5600 (which also earlier stopped the previous minor impulse wave 1 in August), the lower daily Bollinger Band and the 50% Fibonacci Correction of the previous sharp upward impulse wave from the start of August. The upward reversal from this support area stopped the previous minor impulse wave (i) – starting the active minor correction (ii).

EUR/AUD is likely to rise further in the active wave (ii) toward the next buy target at the resistance level 1.6200 (which reversed earlier waves (a) and (c), as you can see below). Strong support remains at 1.5600.

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