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/NZD: sell target - 1.0700

By: Dmitriy Chernovolov

  • AUD/NZD broke pivotal support level 1.0950
  • Next sell target - 1.0700

AUD/NZD continues to fall strongly – following the earlier breakout of the pivotal support level 1.0950 (which has been reversing the pair from the end of July, as you can see below). After breaking the support level 1.0950 - AUD/NZD corrected up shortly to test this price level, acting as resistance now after it was broken – after which the price reversed down sharply, forming the daily Evening Star.

The breakout of the support level 1.0950 accelerated the active impulse waves (iii) and C – which are a part of the intermediate ABC correction (B) from the start of July. AUD/NZD is likely to fall further toward the next sell target at the support level 1.0700.

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