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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/USD approaching resistance level 0.7510

  • AUD/USD approaching resistance level 0.7510
  • Next buy target - 0.7600

AUD/USD has been rising steadily in the last few trading sessions inside the minor impulse wave (iii), which belongs to the C-wave from the end of May. The active C-wave started when the pair reversed up from the support zone lying between the support level 0.7200, lower daily Bollinger Band and the 61.8% Fibonacci correction of the previous sharp upward A-wave from January.

AUD/USD is currently approaching the resistance level 0.7510 (which stopped the previous impulse wave (i) at the start of June) If the pair breaks above 0.7510 - AUD/USD can then be expected to rise to the next buy target at 0.7600 (forecast price for the completion of impulse (iii)).

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