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 falling inside intermediate correction (B)

  • GBP/AUD falling inside intermediate correction (B)
  • Next sell target - 1.9750

GBP/AUD recently reversed down strongly from the resistance zone lying between the resistance level 2.0500 (previous buy target set in our earlier forecast for this currency pair), upper daily Bollinger Band and the 61.8% Fibonacci correction of the previous sharp downward impulse from November of 2015. The downward reversal from this resistance zone created the daily Japanese candlesticks reversal pattern Bearish Engulfing – marking the end of the previous wave (A).

GBP/AUD is likely to fall further in the active intermediate correction (B) toward the next sell target at the support level 1.9750.

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