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 targets - 0.7600 and 0.7700

By: Dmitriy Chernovolov

  • AUD/USD reached buy target 0.7500
  • Next buy targets - 0.7600 and 0.7700

AUD/USD recently broke up sharply through the resistance zone lying at the intersection for the resistance level 0.7500 (which was set as the buy target in our previous forecast for this currency pair) and the 50% Fibonacci retracement of the previous sharp extended downward impulse from last May. The breakout of this resistance zone accelerated the active minor impulse waves (iii) and 3 – both of which belong to the sharp intermediate (C)-wave from the middle of January.

AUD/USD is likely to rise further to the next buy targets - 0.7600 (former strong support from last June) and 0.7700. Strong support now stands at 0.7500.

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