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: buy target - 2.1400

By: Dmitriy Chernovolov

  • GBP/AUD reversed from support zone
  • Next buy target - 2.1400 

GBP/AUD continues to rise after the price earlier reversed up from the support zone lying between the support level 2.0860 (which previously reversed the 4th minor correction 4 in August), the lower daily Bollinger Band and the 38.2% Fibonacci Correction of the previous sharp upward impulse wave from the start of May. The upward reversal from this support zone created the strong daily Japanese candlesticks reversal pattern Morning Star (highlighted below).

GBP/AUD is likely to rise further toward the next buy target at the resistance level 2.1400 (former strong support level which reversed waves A and (iii) in September).

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