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: buy target - 1.0850

By: Dmitriy Chernovolov

  • AUD/NZD reached sell target 1.0700
  • Next buy target - 1.0850

AUD/NZD recently reversed up sharply from the support zone (which also previously reversed the second intermediate wave (2) in May) lying between the support levels 1.0700 (sell target set in our previous forecast for this currency pair) and 1.0600. This support zone was strengthened by the lower daily Bollinger Band. The upward reversal from this support zone stopped the active minor impulse wave 3 (which belongs to the intermediate (C)-wave from the middle of September).

AUD/NZD is likely to correct up further toward the next buy target at the resistance level 1.0850. Strong support zone remains between price levels 1.0700 and 1.0600.

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