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 - 2.0400

By: Dmitriy Chernovolov

  • GBP/AUD reached sell target 2.0600
  • Next sell target - 2.0400

GBP/AUD recently fell sharply – after the price broke the pivotal support level 2.0860 (which reversed previous waves (iv), (4) and (A), as you can see below). The breakout of this support level intensified the bearish pressure on this currency pair – accelerating the active impulse waves (v) and 3 (which belong to the intermediate (C)-wave of the primary ABC correction ② from the end of August) toward the support level 2.0600 (previous sell target set for this currency pair).

If the price breaks the support level 2.0600 - GBP/AUD can then fall to the next sell target 2.0400 (target price calculated for the completion of the active impulse waves (v) and 3).

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