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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/USD: sell target - 0.7100

By: Dmitriy Chernovolov

  • AUD/USD falling inside intermediate impulse wave (5)
  • Next sell target - 0.7100

AUD/USD recently reversed down sharply from the resistance level 0.7400, which was set as the buy target in our previous forecast for this currency pair. The resistance zone near the resistance level 0.7400 was strengthened by the upper daily Bollinger Band, 50% Fibonacci Correction of the previous sharp downward impulse wave 3 from June and by the upper resistance trendline of the daily up channel from the start of September (which has enclosed the previous ABC wave (4)).

AUD/USD is likely to fall further in the active intermediate impulse wave (5) toward the next sell target at the support level 0.7100.

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