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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 - 0.7500

By: Dmitriy Chernovolov

  • AUD/USD reached buy target 0.7380
  • Next buy target - 0.7500

AUD/USD recently broke sharply above the pivotal resistance level 0.7380 (which was set as the buy target in our previous forecast for this currency pair and which reversed the earlier waves (a) and 4, as can be seen below). The breakout of this resistance level follows the earlier breakout of the 38.2% Fibonacci correction of the previous extended downward impulse from last May. These two breakouts are likely to accelerate the active impulse waves (iii), 3 and (1).

AUD/USD is expected to rise further toward the next buy target at the resistance level 0.7500 (intersecting with the 50% Fibonacci correction of the aforementioned downward impulse from May).

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