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.

USD/CNH rising inside impulse waves (iii), 5 and (3)

  • USD/CNH rising inside impulse waves (iii), 5 and (3)
  • Next buy target – 6.7450

USD/CNH continues to rise inside the 3rd minor impulse wave (iii) of the impulse 5 (which is a part of the sharp intermediate impulse wave (3) from April). The active impulse wave (iii) started earlier this month – when the pair reversed up from the upper trendline of the recently broken sharp daily up channel from April (acting as support now after it was broken).

USD/CNH is likely to rise further to the next buy target at the strong multi-month resistance level 6.7450 (top of the previous primary impulse wave ① and the forecast price for the completion of the active impulse waves 5 and (3)).

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