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 recently reversed down sharply – after the pair reached the pivotal resistance level 2.2000, which was set as the buy target in our previous forecast for this currency pair. The downward reversal from this resistance level created the daily Japanese candlesticks reversal pattern – Shooting Star – signaling the completion of the previous B-wave of the active intermediate ABC correction (4) from the end of August.

The pair is currently approaching the support level 2.1400 (which stopped the previous A-wave of the active ABC correction). If the price breaks this support level - GBP/AUD can then fall in the active C-wave toward the next sell target at the support level 2.1250.

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