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.

GBP/AUD: sell target - 1.8600

By: Dmitriy Chernovolov

  • GBP/AUD reached sell target 1.9000
  • Next sell target - 1.8600

GBP/AUD has been falling sharply in the last few trading sessions - breaking through the support levels 1.9280 and 1.9000 (previous sell target set in our earlier forecast for this currency pair). The breakout of these support levels accelerated the active impulse wave (v) – which belongs to the sharp minor impulse wave 5 from the start of February (which previously broke the daily down channel from August).

GBP/AUD is likely to fall further to the next sell target at the support level 1.8600 (forecast price calculated for the termination of the active minor impulse wave 5).

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