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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 reached sell targets 1.4600 and 1.4470

By: Dmitriy Chernovolov

  • EUR/AUD reached sell targets 1.4600 and 1.4470
  • Next buy target - 1.4400

EUR/AUD has been falling in the last few trading sessions - following the earlier breakout of the support levels 1.4600 (which is the 1st of the two sell targets set in our previous forecast for this currency pair). The breakout of the support level 1.4600 accelerated the active minor impulse wave C – which today broke the next support level 1.4470 (2nd sell target set previous for this currency pair).

If the pair closes this week below the support level 1.4470 - EUR/AUD can then fall to the next sell target at the round support level 1.4400 (former strong support level from December, and the forecast price calculated for the completion of the active wave C).

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