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.

GBP/AUD rising inside sharp minor impulse wave 5

  • GBP/AUD rising inside sharp minor impulse wave 5
  • Next buy target - 2.0500

GBP/AUD continues to rise inside the sharp minor impulse wave 5, which previously broke through the resistance zone lying at the intersection of the round resistance level 2.0000 and the 50% Fibonacci correction of the previous sharp C-wave from November of 2015. The breakout for this resistance zone intensified the bullish pressure on this currency pair – leading to the subsequent breakout of the next resistance level 2.0200.

GBP/AUD is likely to rise further in the accelerated impulse wave 5 (which belongs to intermediate impulse wave (3) from April) toward the next buy target at the resistance level 2.0500.

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