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 target - 1.5800

By: Dmitriy Chernovolov

  • EUR/AUD reached buy targets 1.5200 and 1.5400
  • Next buy target - 1.5800

EUR/AUD recently rose sharply – breaking through the resistance levels 1.5200 and 1.5400 – both of which were set as the buy targets in our previous forecast for this currency pair. The breakout of these resistance levels accelerated the active minor impulse wave 3 (of the intermediate impulse wave (C) from the start of December) – which started earlier, when the pair reversed up with the daily Morning Star from the support zone surrounding the support level 1.4900.

EUR/AUD is likely to rise further from the current levels toward the next buy target at the resistance level 1.5800 , which reversed the price earlier this month and also in October, as you can see below.

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