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: buy targets - 1.1000 and 1.1100

By: Dmitriy Chernovolov

  • AUD/NZD broke resistance zone
  • Next buy targets - 1.1000 and 1.1100

AUD/NZD recently broke sharply through the resistance zone lying between the resistance level 1.0800, resistance trendline of the daily down channel from August and the 38.2% Fibonacci correction of the previous sharp downward corrective wave ② from the end of last August. The breakout of this resistance zone accelerated the active minor impulse wave 3 – which belongs to the intermediate impulse wave (3) from the start of January.

AUD/NZD is likely to rise further from the current levels toward the next buy target at the resistance level 1.1000 – the breakout of which can lead to further gains toward 1.1100.

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