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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.

AUD/USD approached support zone

By: Dmitriy Chernovolov

  • AUD/USD approached support zone
  • Likely to retest the resistance level 0.7800

AUD/USD recently corrected down – after the pair reached the resistance level 0.7800, which was set as the buy target in our previous forecast for this currency pair. The downward reversal from the resistance level 0.7800 started the active minor correction (ii). The pair is currently trading close to the support zone lying between the pivotal support level 0.7680 (former resistance level which reversed earlier waves (iii) and (i)) and the 38.2% Fibonacci correction of the previous upward impulse wave (i).

The price is likely to reverse up from the aforementioned support zone and re-test the resistance level 0.7800 in the coming trading sessions. Alternatively, AUD/USD is likely to fall to 0.7600.

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