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/NZD falling inside intermediate impulse wave (5)

  • AUD/NZD falling inside intermediate impulse wave (5)
  • Next sell target - 1.0570

AUD/NZD continues to decline inside the intermediate impulse wave (5) – which stared earlier, when the pair revered down from the resistance zone lying between the resistance level 1.0800 (former support level and the sell target set in our previous forecast for this currency pair, acting as resistance now after it was broken by the previous downward impulse from the start of May) and the 50% Fibonacci correction of the previous sharp downward impulse.

Having recently broken the support level 1.0640 (which stopped the previous intermediate impulse wave (3)) - AUD/NZD is likely to fall further to the next sell target at the support level 1.0570 (low of the previous minor correction 2 from February).

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