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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.

AUD/CAD reached buy target 1.0000

  • AUD/CAD reached buy target 1.0000
  • Next buy target - 1.0090

AUD/CAD recently broke sharply above the round resistance level 1.0000 (which was set in our earlier forecast as the likely target for the upward movement of this currency pair). The breakout of this resistance level accelerated the active minor impulse wave (iii), which started earlier – when the pair reversed up from the upper trendline of the recently broken daily down channel from December (acting as support now after it was broken).

AUD/CAD is expected to rise further in the active impulse waves (iii), 3 and (3) toward the next buy target at the resistance level 1.0090 (top of the previous minor correction 2 from January).

 

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