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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 target 1.4830

  • EUR/AUD reached sell target 1.4830
  • Next sell target - 1.4500

EUR/AUD continues to fall inside the minor impulse wave (iii) – which belongs to the longer-term downward impulse wave 3 from May. The price earlier reversed down from the resistance zone lying between the round resistance level 1.5000 and the 38.2% Fibonacci correction of the previous downward impulse from the middle of June. The downward reversal from this resistance zone accelerated the active impulse 3 – which then broke the support level 1.4830 (previous sell target).

EUR/AUD is likely to fall to the next sell target at the major support level 1.4500, which has been reversing the price sharply from last December.

 

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