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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/CAD reversed from resistance zone

  • AUD/CAD reversed from resistance zone
  • Next sell target - 0.9360

AUD/CAD recently reversed down from the resistance zone lying between the resistance level 0.9500 (former support level which reversed the price earlier), 50% Fibonacci correction of the previous sharp downward impulse wave from the start of May and the former support trendline of the recently broken daily down channel from January (acting as resistance now – after it was broken by the previous minor impulse wave (i), as can be seen below).

The downward reversal form the aforementioned resistance zone stopped the previous minor correction (ii). AUD/CAD is likely to fall further toward the next sell target at the support level 0.9360 (low of the previous impulse wave (i)).

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