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 rising inside minor impulse wave 3

By: Dmitriy Chernovolov

  • AUD/CAD rising inside minor impulse wave 3
  • Next buy target – 1.0000

AUD/CAD recently reversed up sharply from the support zone lying at the intersection of support level 0.9800, lower daily Bollinger Band, 61.8% Fibonacci correction of the previous sharp upward impulse 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 completed the previous minor ABC correction 2 from March.

AUD/CAD is likely to rise further in the active minor impulse wave 3 toward the next buy target at the parity (which has been reversing the price from the start of March, as can be seen below). Strong support remains at 0.9800.

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