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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.

GBP/AUD broke round support level 1.9000

  • GBP/AUD broke round support level 1.9000
  • Next sell target - 1.8280

GBP/AUD recently fell sharply - breaking through the round support level 1.9000 (which stopped the previous intermediate impulse wave (1) earlier this month). The breakout of the support level 1.9000 accelerated the active intermediate impulse wave (3) – which started previously – when the pair reversed down from the resistance zone lying between the resistance level 1.9730 and the 50% Fibonacci correction of impulse wave (1).

GBP/AUD is set to fall further to the next sell target at the support level 1.8280, which stopped the previous sharp primary impulse wave ① in April, as can be seen below.

 

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