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 - 1.0960

By: Dmitriy Chernovolov

  • AUD/NZD reached buy target 1.0700
  • Next buy target - 1.0960

AUD/NZD has been rising sharply in the last trading sessions – following the earlier breakout of the resistance level 1.0700, which was set as the buy target in our previous forecast for this currency pair. The breakout of this resistance level greatly accelerated the active impulse waves 3 and (3) – which belong to the primary upward impulse wave ③ from the end of last October.

AUD/NZD is likely to rise further in the active impulse waves 3, (3) and ③ toward the next buy target at the resistance level 1.0960 (which stopped the previous minor impulse wave 1 in January).

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