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 - 2.1600

By: Dmitriy Chernovolov

  • GBP/AUD reached buy target 2.1400
  • Next buy target - 2.1600

GBP/AUD continues to rise after the price recently broke above the resistance level 2.1400, which was set in our previous forecast as the buy target for this currency pair. The breakout of this resistance level is likely to accelerate the active intermediate impulse wave (5) – which started earlier this month, when the pair reversed up with the daily Morning Star reversal pattern from the strong support level 2.0860 (as you can see below).

GBP/AUD is expected to rise further in the active waves 1 and (5) toward the next buy target at the resistance level 2.1600 (standing close to the breakout level of the previous daily up channel from May).

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