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 broke sideways price channel

  • AUD/NZD broke sideways price channel
  • Next buy target - 1.0600

AUD/NZD continues to rise after the recent breakout of the resistance level 1.0500, which is the upper border of the tight sideways price channel inside which the pair has been trading from the end of November. The breakout of this price channel coincided with the breakout of the 38.2% Fibonacci correction level of the previous intermediate ABC correction (2) from the middle of October.

AUD/NZD is expected rise further in the direction of the next buy target at the resistance level 1.0600 (which reversed the previous minor correction (ii) in November and which coincides with the 61.8% Fibonacci correction level of the aforementioned ABC correction (2) from October).

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