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.

EUR/AUD: buy targets - 1.5200 and 1.5400

By: Dmitriy Chernovolov

  • EUR/AUD broke resistance level 1.5000
  • Next buy targets - 1.5200 and 1.5400

EUR/AUD has been rising steadily in the last few trading sessions – inside the intermediate (C)-wave - which started recently – when the pair reversed up with the daily Japanese candlesticks reversal pattern Hammer from the support zone lying between the support level 1.4400 and the support trendline of the recent daily down channel from September. The pair then broke the aforementioned down channel and the round resistance level 1.5000.

EUR/AUD is likely to rise further toward the next buy targets at the next resistance levels 1.5200 and 1.5400. Buy stop-loss can be placed at half the daily ATR (Average True Range) below the recently broken price level 1.5000.

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