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/NZD rising inside minor C-wave

  • AUD/NZD rising inside minor C-wave
  • Next buy target - 1.0800

AUD/NZD has been rising in the last few trading sessions inside the C-wave of the intermediate ABC correction (4) from the start of July. The active C-wave earlier broke the resistance level 1.0540 (which stopped the previous A-wave). The breakout of this resistance level accelerated the active minor C-wave – which then broke the next resistance level 1.0700 (intersecting with the 38.2% Fibonacci correction of the previous downward impulse from March).

AUD/NZD is likely to rise further in the active C-wave toward the next buy target at the resistance level 1.0800. Long entries can be protected with the stop-loss placed below the aforementioned price level 1.0700.


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