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 – 1.0000

By: Dmitriy Chernovolov

  • AUD/CAD reversed from support area
  • Next buy target – 1.0000

AUD/CAD continues to rise – following the earlier upward reversal from the support area lying at the intersection of the support level 0.9900, the 38.2% Fibonacci correction of the previous sharp minor impulse wave 1 from the end of February and the former resistance trendline of the recently broken daily down channel from December (acting as support now after it was broken). The upward reversal from this support zone started the active minor (b)-wave.

AUD/CAD is likely to rise further in the active minor (b)-wave toward the next buy target at the parity. Buy stop-loss can be placed below the aforementioned support level 0.9900.

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