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: sell target - 2.0600

By: Dmitriy Chernovolov

  • GBP/AUD broke pivotal support level 2.0860
  • Next sell target - 2.0600

GBP/AUD recently broke below the pivotal support level 2.0860 (which reversed previous waves (iv), (4) and (A), as you can see from the daily GBP/AUD chart below). The breakout of this support level follows the earlier breakout of the 50% Fibonacci Correction level of the previous upward impulse wave from the start of June. The breakout of these support levels is likely to accelerate the active intermediate corrective wave (C) (which belongs to the primary ABC correction ② from August).

GBP/AUD is expected to fall further in the active (C)-wave toward the next sell target at the next support level 2.0600 (which reversed the pair earlier in July).

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