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 broke multiple support levels

By: Dmitriy Chernovolov

  • AUD/USD broke multiple support levels
  • Next sell target - 0.7330

AUD/USD has been falling sharply in the last few trading sessions inside the minor ABC correction 4, which previously broke the support trendline of the daily up channel January, the pivotal support level 0.7500 (which stopped the earlier wave (iv)) and the 38.2% Fibonacci correction of the previous sharp upward impulse from January. The breakout of the aforementioned support levels accelerated the (c)-wave of the active minor ABC correction 4.

AUD/USD is likely to fall further to the next sell target at the support level 0.7330 (former strong resistance level which stopped the previous B-wave in December, as can be seen below).

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