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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/NZD falling inside minor impulse wave 3

  • EUR/NZD falling inside minor impulse wave 3                       
  • Next sell target - 1.5200

EUR/NZD recently reversed down strongly from the combined resistance zone lying between the resistance level 1.5740, upper daily Bollinger Band, 38.2% Fibonacci correction of the previous sharp downward impulse from May and the 100-day moving average. The downward reversal from this resistance zone created the daily Japanese candlesticks reversal pattern Falling Star – which marked the end of the previous minor correction 2.

EUR/NZD is likely to fall further in the active minor impulse wave 3 (which belongs to the intermediate impulse wave (3) from July) toward the next sell target at the support level 1.5200 (which reversed the previous (b)-wave in September).

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