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/CAD: sell target - 0.9730

By: Dmitriy Chernovolov

  • AUD/CAD falling inside impulse wave (3)
  • Next sell target - 0.9730

AUD/CAD has been under strong bearish pressure lately – following the earlier sharp downward reversal from the major resistance zone lying between the resistance levels 1.0200 and 1.0100. The downward reversal from this resistance zone created the weekly downward reversal pattern Evening Star, the middle candle of which is also another strong candlesticks reversal pattern – Falling Star, standing outside the upper weekly Bollinger Band – which strengthened this bearish signal.

AUD/CAD is likely to fall further in the active impulse wave (3) toward the next sell target at the support level 0.9730 (former strong resistance from last May and August).

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