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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: sell target - 0.7030

By: Dmitriy Chernovolov

  • AUD/USD reached buy target 0.7100
  • Next sell target - 0.7030

AUD/USD continues to fall after the recent sharp downward reversal from the resistance zone lying between the resistance level 0.7100 (former strong support from December and the previous buy target set in our earlier forecast for this currency pair), the upper daily Bollinger Band and the 50% Fibonacci correction of the previous sharp minor impulse wave 1 from the start of December. The downward reversal from this resistance zone completed the previous minor correction 2.

AUD/USD is likely to fall further in the active minor impulse wave 3 (belonging to the intermediate impulse (3) wave from December) toward the next sell target at the support level 0.7030.

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