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/NZD: buy targets - 1.1080 and 1.1130

By: Dmitriy Chernovolov

  • AUD/NZD reached buy target 1.0960
  • Next buy targets - 1.1080 and 1.1130

AUD/NZD has been rising sharply in the last few trading sessions – following the earlier breakout of the resistance level 1.0960 (which stopped the previous minor impulse wave (i) and which was set as the buy target in our earlier forecast for this currency pair). The breakout of this resistance level accelerated the active minor impulse wave 3 – which previously broke the daily Triangle from October of 2015.

AUD/NZD is likely to rise to the next buy target at the resistance level 1.1080 (top of the previous minor impulse wave 1 from October) – the breakout of which can lead to further gains toward the next buy target at 1.1130.

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