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 - 0.7380

By: Dmitriy Chernovolov

  • AUD/USD reached buy target 0.7240
  • Next buy target - 0.7380

AUD/USD continues to rise after the earlier breakout of the resistance level 0.7240 (which stopped the previous impulse waves 1 and (i) and which was set as the buy target in our previous forecast for this currency pair). The breakout of the resistance level 0.7240 accelerated the active impulse wave (iii) - which stared earlier - when the pair reversed up from the support zone lying between the support level 0.7100 and the 50% Fibonacci correction of the previous sharp minor impulse (i).

AUD/USD is likely to rise further toward the next buy target at the pivotal resistance level 0.7380 (which stopped the previous waves (a) and 4, as can be seen below).

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