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/NZD: Likely to fall to 1.0500

By: Dmitriy Chernovolov

  • AUD/NZD falling inside impulse waves (3) and ③
  • Likely to fall to 1.0500

AUD/NZD has been falling sharply in the last 2 weeks inside the active primary impulse wave ③. This impulse wave started in November – when the previous primary ABC correction ② was stopped by the resistance zone lying between the resistance level 1.1100, the upper daily Bollinger Band and the 61.8% Fibonacci correction of the previous sharp downward impulse wave ① from August.

AUD/NZD is likely to continue to fall in the active impulse waves (3) and ③ toward the next sell target at the pivotal support level 1.0500 (which stopped the previous impulse wave ① in October).

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