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 targets - 0.9960 and 1.0000

By: Dmitriy Chernovolov

  • AUD/CAD reached buy target 0.9850
  • Next buy targets - 0.9960 and 1.0000

AUD/CAD has been rising sharply in the last few trading sessions inside the intermediate impulse wave (3) – which previously broke through the resistance level 0.9850, which was set as the buy target in our previous forecast for this currency pair. The active impulse wave (3) started earlier this month – when the price reversed up sharply from the support zone surrounding the support level 0.9650.

AUD/CAD is currently trading close to the resistance trendline of the daily down channel from December. If the price breaks this down channel – the pair will then, most likely, rise to the next buy targets at the resistance levels 0.9960 (top of impulse (i)) and 1.0000.

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