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 - 0.9400

By: Dmitriy Chernovolov

  • AUD/CAD reversed from resistance level 0.9550
  • Next sell target - 0.9400

AUD/CAD continues to fall after the recent sharp downward reversal from the resistance level 0.9550 (which also previously reversed the primary ABC correction ② from the start of September, as can be seen below). The resistance zone near the resistance level 0.9550 was strengthened by the upper daily Bollinger Band, the weekly channel line from January and by 61.8% Fibonacci Correction of the previous impulse wave (5). The downward reversal from this resistance zone completed the latest correction (2).

AUD/CAD is likely to fall further inside the active intermediate impulse wave (3) toward the next sell target at the support level 0.9400.

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