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: buy target - 1.1000

By: Dmitriy Chernovolov

  • AUD/NZD reversed from support zone
  • Next buy target - 1.1000

AUD/NZD has been rising sharply in the last few trading sessions inside the 3rd primary impulse wave ③, which started at the end of October - when the pair reversed up from the support zone lying between the pivotal support level 1.0500, the lower daily Bollinger Band and the 61.8% Fibonacci retracement of the preceding sharp upward impulse from April (as can be seen below). The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Bullish Engulfing.

AUD/NZD is currently approaching the strong resistance level 1.0930 (former multi-month pivotal support level) – the breakout of which can lead to further gains toward 1.1000.

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