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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/NZD broke long-term support level 1.0500

  • AUD/NZD broke long-term support level 1.0500
  • Next sell target - 1.0400

AUD/NZD recently broke sharply below the long-term support level 1.0500 (which reversed the previous primary impulse wave ① at the end of October). The breakout of this support level accelerated the active minor impulse wave 3 - which started earlier - when the pair reversed down from the resistance zone lying between the resistance level 1.0700 and the 50% Fibonacci correction of the previous sharp downward impulse from the start of May.

AUD/NZD is likely to fall further in the accelerated intermediate impulse wave (3) toward the next sell target at the support level 1.0400 (target price calculated for the termination of this downward impulse).

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