207
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.

EUR/AUD: sell targets - 1.5200 and 1.5100

By: Dmitriy Chernovolov

  • EUR/AUD broke support levels 1.5430 and 1.5320
  • Next sell targets - 1.5200 and 1.5100 

EUR/AUD continues to fall strongly inside the active minor impulse wave 3 (which recently reversed down twice from the resistance zone lying between resistance level 1.5800 and 38.2% Fibonacci Correction of the previous downward price move from August). This impulse wave then broke the support levels 1.5430 (which reversed the price earlier this month) and 1.5320. The breakout of these support levels was preceded by the breakout of the support trendline of the daily up channel from April – which intensified the bearish pressure on this currency pair.

EUR/AUD is likely to fall further in the accelerated downward impulse wave 3 toward the next sell targets at the support levels 1.5200 and 1.5100.

EUR
Scroll to top