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: buy target - 0.7240

By: Dmitriy Chernovolov

  • AUD/USD reversed from pivotal support level 0.7000
  • Next buy target - 0.7240

AUD/USD recently reversed up sharply from the support zone lying between the pivotal support level 0.7000 and the 61.8% Fibonacci correction of the previous sharp minor impulse wave (i) from the middle of January. This is the third consecutive upward reversal from this support zone from the start of this month, as you can see from the daily AUD/USD chart below. The latest upward reversal from this support zone completed the previous minor correction (ii).

AUD/USD is likely to rise further from the current levels toward the next buy target at the resistance level 0.7240, which stopped the previous impulse wave (i) at the start of February.

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