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: sell target - 1.0400

By: Dmitriy Chernovolov

  • AUD/NZD broke strong support zone
  • Next sell target - 1.0400

AUD/NZD continues to fall strongly – after the price recently broke through the powerful support zone lying between the support levels 1.0700 and 1.0600. The breakout of this support zone accelerated the active minor impulse wave 3 – which started earlier – when the pair reversed down from the former support trendline of the recently broken daily down channel from June (acting as resistance now, after it was broken).

AUD/NZD is likely to continue to fall in the accelerated waves 3 , (C) and ② toward the next sell target at the next support level 1.0400. Sell stop-loss can be placed above the resistance level 1.0600.

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