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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/CAD reached buy target 0.9950

  • AUD/CAD reached buy target 0.9950
  • Next buy targets – 1.0000 and 1.0090

AUD/CAD continues to rise in line with our previous forecast for this currency pair. The price earlier broke the resistance trendline of the wide daily down channel from December - which strengthened the bullish pressure on this currency pair. The price earlier reached the resistance level 0.9950 (top of the earlier wave 2 and the first buy target set in our previous forecast for this currency pair).

If the pair breaks above 0.9950 - AUD/CAD can then be expected to test the next major resistance at the parity – the breakout of which can lead to further gains toward the next resistance level 1.0090 (top of wave 2 from Janauray).

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