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 target - 1.0085

By: Dmitriy Chernovolov

  • AUD/CAD reached buy targets 0.9960 and 1.0000
  • Next buy target - 1.0085

AUD/CAD has been rising sharply in the last few trading sessions inside the intermediate impulse wave (3) – which recently broke the daily down channel December and the resistance level 0.9960 (which was set as the buy target in our previous forecast for this currency pair). The pair today broke above the next resistance level 1.0000 (second buy target set earlier for this instrument).

AUD/CAD is likely to rise further in the active intermediate impulse wave (3) toward the next buy target at the resistance level 1.0085 (which stopped the B-wave of the previous ABC correction (2)).

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