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 - 1.5000 and 1.4800

By: Dmitriy Chernovolov

  • EUR/AUD reached sell targets 1.5200 and 1.5100
  • Next sell targets - 1.5000 and 1.4800

EUR/AUD continues to fall after the recent breakout of the support zone lying between the support levels 1.5200 and 1.5100 – both of which were set in our previous forecast as the sell targets for this currency pair. The breakout of the support level 1.5100 coincided with the breakout of the 50% Fibonacci correction of the previous sharp intermediate corrective (A)-wave from the end of April (as you can see from the daily EUR/AUD chart below).

EUR/AUD is likely to fall further in the accelerated C-wave toward the next sell target at the round support level 1.5000 - the breakout of which can lead to further losses toward 1.4800.

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