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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.

EUR/AUD broke support level 1.4730

By: Dmitriy Chernovolov

  • EUR/AUD broke support level 1.4730
  • Next sell targets - 1.4600 and 1.4470

EUR/AUD recently broke through the support level 1.4730, which was set as the sell target in our previous forecast for this currency pair. The breakout of this support level follows the earlier breakout of the support trendline of the daily up channel from the start of March – which accelerated the active minor correction 2, which belongs to the intermediate impulse wave (3) from last month.

EUR/AUD is likely to fall further toward the next sell target at the support level 1.4600, the breakout of which can lead to further losses toward the next strong support level 1.4470 (which reversed the previous waves (2) and ②).

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