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/USD: buy target - 0.7100

By: Dmitriy Chernovolov

  • AUD/USD reversed from pivotal support level 0.6940
  • Next buy target - 0.7100

AUD/USD continues to rise after the recent upward reversal from the pivotal support level 0.6940 (which also previously reversed the pair twice in last September, as can be seen from the daily AUD/USD chart below). The support zone near the support level 0.6940 was strengthened by the lower daily Bollinger Band. The upward reversal from the support level 0.6940 completed the previous minor correction 2.

Given the oversold reading on the daily Stochastic indicator - AUD/USD is likely to rise further in the active minor impulse wave 3 toward the next buy target at the resistance level 0.7100 (previous monthly low from December).

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