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 reversed from support zone

  • AUD/USD reversed from support zone
  • Next buy target - 0.7650

AUD/USD continues to rise after the earlier upward reversal from the support zone lying between the support level 0.7430 (which also earlier reversed the price sharply at the start of July), lower daily Bollinger Band and the 38.2% Fibonacci correction of the previous sharp upward impulse from the end of May. The upward reversal from this support zone started the active minor impulse wave (iii) of the C-wave from May.

AUD/USD is likely to rise to the next buy target at the resistance level 0.7650 (which stopped the previous impulse waves (i) and i, as can be seen below). Strong support remains at 0.7430.

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