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 - 0.9850

By: Dmitriy Chernovolov


  • AUD/CAD reached buy target 0.9750
  • Next buy target - 0.9850


AUD/CAD continues to rise following the earlier breakout of the strong resistance level 0.9750 (which reversed previous waves (iv) and B and which was set in our previous forecast as the buy target for this currency pair). The breakout of this resistance level coincided with the breakout of the upper resistance trendline of the daily up channel from August – accelerating the C-wave of the active intermediate ABC correction (4) from the middle of August.

AUD/CAD is likely to rise further in the accelerated C-wave toward the next buy target at the resistance level 0.9850 (which reversed the price in February and March).

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