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 - 1.1200

By: Dmitriy Chernovolov

  • AUD/NZD reached buy target 1.1000
  • Next buy target - 1.1200

AUD/NZD has been rising sharply in the last few trading sessions – breaking through the resistance levels 1.0930 and 1.1000 (previous buy target set in our earlier forecast for this currency pair). The breakout of these resistance levels accelerated the active impulse wave 3 – which belongs to the intermediate (C)-wave, which is a part of the primary ABC correction ② from the end of October.

AUD/NZD is expected to rise further inside the accelerated C-wave toward the next buy target at the resistance level 1.1200 (forecast price calculated for the completion of the active primary ABC correction ②). Buy stop-loss can be placed below the support level 1.1000.

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