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 - 2.2000

By: Dmitriy Chernovolov

  • GBP/AUD reached buy target 2.1600
  • Next buy target - 2.2000

GBP/AUD has been rising sharply in the last few trading sessions inside the 3rd intermediate impulse wave (3) – which was accelerated recently by the breakout of the resistance trendline of the daily down channel from September. The active impulse wave (3) (which is a part of the primary impulse wave ③ from the start of October) started earlier – when the pair reversed up with the daily Morning Star from the support level 2.1200, as you can see below.

Having recently reached the resistance level 2.1600 (previous buy target set for this currency pair) - GBP/AUD is likely to rise further toward the next buy target at the next resistance level 2.2000.

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