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 broke pivotal resistance level 1.5200

By: Dmitriy Chernovolov

  • EUR/AUD broke pivotal resistance level 1.5200
  • Next buy target - 1.5430

EUR/AUD today broke through the resistance area lying between the pivotal resistance level 1.5200 (top of the previous minor B-wave from the start of April) and the 38.2% Fibonacci correction of the previous intermediate ABC correction (2) from February. The breakout of this resistance area continues the active intermediate impulse wave (3) – which started earlier – when the pair reversed up from the major long-term support level 1.4500, which has been reversing the price from December, as can be seen below.

EUR/AUD is likely to rise further in the active impulse wave (3) toward the next buy target at the resistance level 1.5430. Strong support now stands at the recently broken price level 1.5200.

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