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 reached sell target 0.9360

  • AUD/CAD reached sell target 0.9360
  • Next sell target - 0.9300

AUD/CAD continues to fall after the earlier breakout of the support level 0.9360, which was set as the sell target  in our previous forecast for this currency pair. The breakout of the support level 0.9360 is likely to accelerate the active minor impulse wave (iii) of the intermediate C-wave from the start of March. The active impulse wave (iii) started earlier this month – when the pair reversed down from the resistance zone surrounding the resistance level 0.9500.

AUD/CAD is likely to fall further to the next sell target at the support level 0.9300 (which previously reversed the price in November of 2015, as can be seen below).

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