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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.

EUR/AUD reached sell targets 1.5290 and 1.5200

  • EUR/AUD reached sell targets 1.5290 and 1.5200
  • Next sell target - 1.4830

EUR/AUD recently broke through the support zone lying between the support levels 1.5290 and 1.5200, both of which were set in our previous forecast as the sell targets for this currency pair. The breakout of this support zone accelerated the active minor (c)-wave, which belongs to the ABC correction 2, which started in the end of May (when the price reversed down from the strong resistance level 1.5600).

EUR/AUD is likely to fall further in the active (c)-wave toward the next sell target at the support level 1.4830 (target price for the completion of wave 3).

 

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