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.

NZD/USD reached buy target 0.7300

  • NZD/USD reached buy target 0.7300
  • Next buy target - 0.7400

NZD/USD continues to rise after the earlier breakout of the resistance level 0.7300, which was set as the buy target in our previous forecast for this currency pair. The breakout of the resistance level 0.7300 is likely to accelerate the active minor impulse wave (v), which belongs to the C-wave from the middle of July (which began when the pair reversed up from the support zone near the round support level 0.7000).

NZD/USD is expected to continue the upward movement in the direction of the next resistance level 0.7400 (coinciding with the resistance trendline of the wide daily up channel from last year).

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