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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.

EUR/AUD reached sell target 1.4300

  • EUR/AUD reached sell target 1.4300
  • Next sell target - 1.4100 

EUR/AUD continues to fall after the recent breakout of the support level 1.4300, which was set as the sell target in our previous forecast for this currency pair. The breakout of this support level accelerated the active minor impulse wave 3, which belongs to the extended intermediate impulse wave (C) from the middle of September. 

EUR/AUD is expected fall further in the direction of the next sell target at the powerful support level 1.4100 (which reversed the previous waves (a), 1 and (b), as can be seen from the daily EUR/AUD chart below.). Sell stop-loss can be placed above the aforementioned price level 1.4300.

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