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 reversed from support zone

  • AUD/NZD reversed from support zone
  • Next buy target - 1.4350

AUD/NZD continues to rise – after the earlier upward reversal from the support zone lying between the lower daily Bollinger Band and the support level 1.0400, which stopped the previous impulse wave (3), as can be seen from the daily AUD/NZD chart below. The upward reversal from this support zone led to the formation of the daily Japanese candlesticks reversal pattern Hammer, highlighted below.

With the daily Stochastic showing still showing the oversold reading - AUD/NZD can be expected to correct up further to the next buy target at the resistance level 1.4350 (which reversed the previous intermediate ABC correction (4)).


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