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/CAD: sell target - 0.9350

By: Dmitriy Chernovolov

  • AUD/CAD reached buy target 0.9550
  • Next sell target - 0.9350

AUD/CAD recently reversed down sharply from the resistance zone lying between the resistance level 0.9550 (previous buy target set in our earlier forecast for this currency pair), the upper daily Bollinger Band, 61.8% Fibonacci Correction of the previous sharp minor impulse wave 1 and the resistance trendline of the daily down channel from January. The downward reversal from this resistance zone created the daily Bearish Engulfing – marking the end of the previous minor correction 2 (which belongs to the intermediate impulse wave (3) from August).

AUD/CAD is likely to fall further in the active minor impulse wave 3 toward the next sell target at the support level 0.9350. Strong resistance remains at 0.9550.

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