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 - 1.0200

By: Dmitriy Chernovolov

  • AUD/CAD broke multiple resistance levels
  • Next buy target - 1.0200

AUD/CADhas been rising sharply in the last few trading sessions inside the 5th minor impulse wave 5 of the (C)-wave of the primary ABC correction ② from September. The active (C)-wave earlier broke the daily up channel from September, the resistance level 0.9850 (previous buy target set for this currency pair) and more recently – the price broke through the parity.

The price today broke the next strong resistance level 1.0080 (which reversed the pair sharply in January, as you can see below). If the price closes today above 1.0080 - AUD/CAD can then rise to the next buy target 1.0200.

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