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/NZD will Move to Next Buy Target

By: Dmitriy Chernovolov

  • AUD/NZD reached buy target 1.1200
  • Next buy target – 1.1300

AUD/NZD recently broke through the resistance level 1.1200 (top of the previous (b)-wave), which was set earlier as the buy target for this currency pair. The breakout of this resistance level follows the recent upward reversal from the support zone surrounding the pivotal support level 1.1090 (which has been reversing this currency pair from the end of March, as we can see from the daily AUD/NZD chart below).

AUD/NZD is likely to rise further to the next buy target at the resistance level 1.1300 (which reversed earlier waves (iii) and (i)). Strong support now stands at the aforementioned support levels 1.1200 and 1.1090.

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