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 target - 1.0700

By: Dmitriy Chernovolov

  • AUD/NZD reversed from support level 1.0570
  • Next buy target - 1.0700

AUD/NZD continues to rise after the recent upward reversal from the support level 1.0570, which is the upper boundary of the strong support zone which has been reversing the price from the middle of 2015, as can be seen from the daily AUD/NZD chart below. The lower boundary of this support zone stands at the support level 1.0500. The upward reversal from this support zone completed the previous minor correction 2 of the intermediate impulse wave (3) of the primary impulse wave ③ from October.

Given the strength of the support level 1.0570 and the oversold reading on the daily Stochastic indicator - AUD/NZD can be expected to reverse up from the current levels toward the next buy target at 1.0700.

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