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 falling inside minor impulse wave (c)

  • NZD/USD falling inside minor impulse wave (c)
  • Next sell target 0.7080

NZD/USD continues to fall inside the minor impulse wave (c), which recently broke through the strong support zone lying at the intersection of the multiple support levels: the support trendline of the daily up channel from May, pivotal support level 0.7250, 50% Fibonacci correction of the previous upward impulse from July and the 50-day moving average. The breakout of this support zone accelerated the active impulse wave (c).

NZD/USD is likely to fall further to the next sell target at the support level 0.7080 (previous monthly low from August). Strong resistance now stands at 0.7250.

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