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/USD reached buy target 0.7600

  • AUD/USD reached buy target 0.7600
  • Next buy target – 0.7800

AUD/USD has been rising in the last few trading sessions – in line with our earlier forecast for this currency pair. The price today broke above the resistance level 0.7600, which was set as the buy target in our previous forecast for AUD/USD. The breakout of the resistance level 0.7600 is likely to further accelerate the active minor impulse wave 3, which belongs to the sharp intermediate (C)-wave from May.

AUD/USD is expected to rise further to the next buy target at the pivotal resistance level 0.7800 (which reversed the earlier wave (A) and which is the forecast price for the completion of the active impulse 3).

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