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/NZD reversed from resistance zone

  • EUR/NZD reversed from resistance zone
  • Next sell target - 1.5100

EUR/NZD continues to fall after the earlier sharp downward reversal from the resistance zone lying between the resistance level 1.5500 and the 50% Fibonacci correction of the previous sharp downward impulse from the middle of July. The downward reversal from this resistance zone continues the active minor impulse wave 3 which belongs to the extended downward impulse wave (3) from the start of May.

EUR/NZD is expected to continue the downward movement in the direction of the next sell target at the pivotal support level 1.5100 (which reversed the previous sharp downward impulse waves in July and at the start of this month).

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