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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: buy target - 0.9560

 By: Dmitriy Chernovolov

  • AUD/CAD broke resistance zone
  • Next buy target - 0.9560

AUD/CAD continues to rise after the recent breakout of the resistance zone lying at the intersection of the resistance level 0.9550 (which reversed earlier waves Aand (b)) and the resistance trendline of the wide daily down channel from January. The breakout of this resistance zone is likely to accelerate the active impulse wave (iii) – which is a part of the C-wave of the intermediate ABC correction (4) from the start of September.

AUD/CAD is likely to rise further in the active waves (iii), C and (4) toward the next buy target at the resistance level 0.9560 (which reversed previous wave (iv) in August). Buy stop-loss can be placed below the recently broken price level 0.9550.

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