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 falling inside minor impulse wave 3

By: Dmitriy Chernovolov

  • AUD/NZD falling inside minor impulse wave 3
  • Next selltargets - 1.1030 and 1.0960

AUD/NZD continues to fall inside the sharp minor impulse wave 3 - which started earlier – when the price reversed down from the resistance zone lying between the resistance levels 1.1250 and 1.1340. This resistance zone has been repeatedly reversing this currency pair from last year, as can be seen from the daily AUD/NZD chart below. The aforementioned resistance zone was strengthened by the upper daily Bollinger Band.

Having recently broken through the support trendline from the middle of January - AUD/NZD is likely to fall further in the active impulse wave 3 toward the next sell targets at the support levels 1.1030 and 1.0960.

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