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.

EUR/AUD: sell target - 1.4900

By: Dmitriy Chernovolov

  • EUR/AUD broke multiple support levels
  • Next sell target - 1.4900

EUR/AUD has been falling strongly in the last few trading sessions – breaking through the multiple support levels – 1.5600 (previous sell target set in our earlier forecast for this currency pair), support trendline of the daily up channel from December and the support levels 1.5300 and 1.5200. The latest breakout of the support level 1.5200 accelerated the 3rd intermediate impulse wave (3) of the primary downward impulse wave ③ from February.

EUR/AUD is likely to fall further to the next sell target at the support level 1.4900 (which stopped the previous wave 2 in December).

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