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 rising inside minor impulse wave (v)

By: Dmitriy Chernovolov

  • AUD/USD rising inside minor impulse wave (v)
  • Next buy targets – 0.7720 and 0.7800

AUD/USD continues to rise inside the minor impulse wave (v) - which started earlier – when the price reversed up from the support zone lying between the support level 0.7500 (which also previously stopped the earlier minor correction (ii)) and the 38.2% Fibonacci correction of the previous upward impulse from the end of February. The active impulse wave (v) belongs to the C-wave of the sharp intermediate ABC correction (2) from January.

AUD/USD is likely to rise further in the active impulse waves (v) and C toward the next buy target at the resistance level 0.7720 (top of the previous impulse (iii)) – the breakout of which can lead to further gains toward 0.7800 (intersecting with the resistance trendline of the daily up channel from January, which encloses the active wave (2)).

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