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 - 1.4600

By: Dmitriy Chernovolov

  • EUR/AUD reached sell target 1.4900
  • Next sell target - 1.4600

EUR/AUD has been falling strongly in the last few trading sessions – in line with our previous forecast for this currency pair. The price initially broke through the round support level 1.5000 – which accelerated the active intermediate impulse wave (3) (which belongs to the primary downward impulse ③ from February) – which then broke the support level 1.4900 (which was set as the sell target in our earlier forecast for this currency pair).

Given the strength of the active impulse waves (3) and ③ - EUR/AUD can be expected to fall further toward the next sell target at the support level 1.4600. Sell stop-loss can be placed above the round resistance level 1.5000.

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