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.

ASX reversed from resistance level 5400.00

  • ASX reversed from resistance level 5400.00
  • Next sell target - 5300.00

ASX continues to decline – following the earlier downward reversal from the resistance level 5400.00 (which also previously stopped the earlier minor impulse wave (iii), as can be seen below). The resistance zone near the resistance level 5400.00 was strengthened by the upper daily Bollinger Band.  The downward reversal from 5400.00 stopped the earlier minor impulse wave (iii) of the intermediate C-wave from the start of April.

Given the bearish divergence visible on the daily RSI indicator – ASX is likely to fall further to the next sell target at the support level 5300.00 (which revered earlier minor corrective wave (iv)).

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