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 - 0.9750

By: Dmitriy Chernovolov

  • AUD/CAD reached buy target 0.9650
  • Next buy target - 0.9750

AUD/CAD continues to rise strongly – following the earlier breakout of the resistance level 0.9650, which was set in our previous report as the buy target for this currency pair. The breakout of this resistance level accelerated the 3rd impulse wave (iii) of the active C-wave of the intermediate ABC correction (4) from the start of September.

AUD/CAD is likely to rise further toward the next buy target at the major resistance level 0.9750 (which reversed the price sharply in May and August, as you can see below). This resistance level is also the forecast price calculated for the completion of the active ABC correction (4). Buy stop-loss can be placed below the support level 0.9650.

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