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 rising inside minor impulse wave 3

  • EUR/AUD rising inside minor impulse wave 3
  • Next buy targets - 1.4900 and 1.5000

EUR/AUD continues to rise inside the minor impulse wave 3, which started earlier - when the pair reversed up for the support zone lying between the major long-term support level 1.4490 (which reversed the previous waves (C), A and (2), as can be seen from the daily EUR/AUD  chart below) and the lower daily Bollinger Band.

EUR/AUD is expected to rise further in the active impulse waves 3, (3) and ③ toward the next buy target at the resistance level 1.4900 – the breakout of which can lead to further gains toward the next round resistance level 1.5000.

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