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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.

GBP/AUD falling inside minor impulse wave 5

  • GBP/AUD falling inside minor impulse wave 5                 
  • Next sell targets - 1.7000 and 1.6750

GBP/AUD continues to fall inside the minor impulse wave 5 – which started previously – when the pair reversed down from the resistance zone lying at the intersection of the lower trendline of the recently broken wide weekly down channel from 2015 and the resistance level 1.7750. The active minor impulse wave belongs to the sharp intermediate impulse wave (C) from the end of May.

GBP/AUD is expected to fall further to the next sell target at the round support level 1.7000 – the breakout of which can lead to further losses toward 1.6750.

 

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