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 reached sell target 0.7200

  • AUD/USD reached sell target 0.7200
  • Next sell target - 0.7100

AUD/USD continues to fall – after the earlier breakout of the support zone lying between the support level 0.7200 (which was set as the sell target in our previous forecast for this currency pair) and the 61.8% Fibonacci correction of the previous sharp intermediate ABC correction (2) from the middle of January, as can be seen below. The breakout of this support zone accelerated the active minor impulse wave 5, which belongs to the indeterminate impulse wave (3) from April.

AUD/USD is likely to fall further to the next sell target at the support level 0.7100 (former support level, which reversed previous minor correction (ii) in February).


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