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/CAD rising inside impulse waves (3) and ③

  • AUD/CAD rising inside impulse waves (3) and ③
  • Next buy targets - 0.9950 and 1.0000

AUD/CAD continues to rise inside the intermediate impulse wave (3) – which recently broke the resistance level 0.9800. The breakout of this resistance level intensified the bullish pressure on this currency pair – accelerating the active impulse wave (3) – which belongs to the primary impulse wave ③ from the end of May.

The pair is currently approaching the resistance trendline of the wide weekly down channel from December. If the pair breaks this down channel - AUD/CAD can then be expected to rise further to the next buy targets at resistance levels 0.9950 (top of earlier wave 2) and 1.0000 (which has been reversing the price from March).

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