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 - 1.5900

By: Dmitriy Chernovolov

  • EUR/AUD reversed from support zone
  • Next buy target - 1.5900

EUR/AUD recently reversed down sharply – after the pair reached the resistance level 1.6200, which was set as the buy target in our previous forecast for this currency pair. The subsequent downward impulse wave 3 recently stopped in the support zone lying between the support level 1.5600 (which reversed the price in September and August), lower daily Bollinger Band, 50% Fibonacci Correction of the previous C-wave and the support trendline from May.

 EUR/AUD is likely to correct up further to the next buy target at the resistance level 1.5900. Buy stop-loss can be placed at half the daily ATR (Average True Range) below the aforementioned support level 1.5600.

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