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 falling inside impulse waves 3 and (C)
  • Next sell target - 2.0400

GBP/AUD has been falling strongly in the last few trading sessions inside the 3rd minor impulse wave 3 which started recently – when the pair reversed down from the resistance zone lying between the resistance level 2.1200 (breakout level of the previous up channel from May), upper daily Bollinger Band and the 50% Fibonacci Correction of the previous downward price move from August.

GBP/AUD is likely to fall further in the active impulse waves 3 and (C) (which belong to the primary ABC wave ②) toward the next sell target at the support level 2.0400 (which stopped the previous minor impulse wave 1).

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