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.

GBP/AUD: sell target - 1.9000

By: Dmitriy Chernovolov

  • GBP/AUD broke support level 1.9280
  • Next sell target - 1.9000

GBP/AUD today broke below the support level 1.9280 (which stopped the previous minor impulse wave (iii)). The breakout of the support level 1.9280 is likely to accelerate the active minor impulse wave (iv), which belongs to the intermediate (C)-wave from last November. The active impulse wave (iv) started earlier- when the price reversed down from the resistance zone lying between the resistance level 1.9600 and former support trendline of the daily down channel from August (acting as resistance after it was broken previously).

GBP/AUD is likely to fall further to the next sell target at the round support level 1.9000 (target price of the completion of the active impulse 3).

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