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/CAD: buy target - 0.9850

By: Dmitriy Chernovolov

  • AUD/CAD reversed from support zone
  • Next buy target - 0.9850

AUD/CAD recently reversed up sharply from the support zone lying between the following support levels: 0.9730 (previous sell target set in our earlier forecast for this currency pair), 0.9650, lower daily Bollinger Band and the 50% Fibonacci correction of the previous intermediate impulse wave (1). The upward reversal from this support zone completed the previous intermediate ABC correction (2) from the end of December.

AUD/CAD is likely to rise further in the active intermediate impulse wave (3) toward the next buy target at the resistance level 0.9850 – the breakout of which can lead to further gains toward 0.9900 and 1.0000.

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