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 - 2.0200

By: Dmitriy Chernovolov

  • GBP/AUD falling inside impulse wave 3
  • Next sell target - 2.0200

GBP/AUD continues to fall after the recent downward reversal from the resistance zone lying between the pivotal resistance level 2.0530 (which has been reversing the price from the end of January, as you can see below) and the 50% Fibonacci retracement of the previous sharp downward impulse wave from the start of January. The downward reversal from this resistance zone continues the active minor impulse wave 3, which belongs to the intermediate (C)-wave from last November.

GBP/AUD is likely to fall further in the active impulse waves 3 and (C) toward the next sell target at the support level 2.0200 (which reversed the price last week).

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